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Transport Update
13 July 2022
Type
Written Ministerial Statement
Department
Department for Transport
At a Glance
Issue Summary
The statement discusses an extension of TfL's funding settlement, originally set to expire on July 13th, to July 28th.
Action Requested
The government has extended TfL's funding settlement by two weeks to allow time for resolving ongoing issues such as pension deadlines and to ensure financial sustainability. Discussions are ongoing for a longer-term funding agreement.
Key Facts
- Since the start of the pandemic, £5bn in funding was provided through extraordinary funding settlements.
- The current extension is due to unsatisfactory progress on meeting agreed deadlines by TfL.
- Government's condition for support includes reaching financial sustainability by April 2023.
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