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TfL Long Term Funding Settlement
05 September 2022
Type
Written Ministerial Statement
Department
Department for Transport
At a Glance
Issue Summary
The statement discusses a new long-term funding settlement between Transport for London (TfL) and the UK Government.
Action Requested
I have agreed with the Mayor of London on a new £1.1bn grant funding settlement until March 2024, which will unlock critical infrastructure investment worth almost £3.6bn. This includes upgrades to Piccadilly line trains and modernisation of other Underground lines, supporting major repair projects and Overground extensions.
Key Facts
- The final extraordinary funding settlement expired on 3 August.
- A new settlement is agreed until 31 March 2024 or financial sustainability whichever comes sooner.
- Over £1.1bn of additional grant funding for London transport until March 2024.
- £3.6bn worth of critical infrastructure investment will be unlocked.
- Upgrades include new Piccadilly line trains and the modernisation of District, Metropolitan, Hammersmith and City, and Circle lines.
- The settlement supports repair of Hammersmith Bridge and improvements to Elephant and Castle station.
- A London Overground extension between Gospel Oak and Barking Riverside is included.
- TfL must continue work on driverless trains introduction.
- Government has provided over £5bn funding support since the beginning of the pandemic.
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