<-- Back to proposed bills
Transport for London Extraordinary Funding and Financing
18 May 2020
Type
Written Ministerial Statement
Department
Department for Transport
At a Glance
Issue Summary
The statement addresses the extraordinary funding and financing support provided by the UK government to Transport for London (TfL) to maintain essential public transport services during the COVID-19 pandemic.
Action Requested
The Government agreed on a £1.095 billion grant and a loan facility of £505 million for TfL, with potential for an additional £300 million if needed. The package includes conditions such as fare increases, restoring services to pre-COVID levels, collecting bus fares, and changes in the Congestion Charge to manage social distancing and reduce exposure for vulnerable groups.
Key Facts
- The Government agreed on a support package of £1.095 billion grant and a £505 million loan facility for TfL.
- An additional £300 million can be provided if revenue loss is higher than forecasted.
- TfL services are essential for over half of all bus and rail journeys in England, especially crucial for critical workers and the city's operation during the pandemic.
- Fare increases by RPI plus 1% on all modes are proposed for January.
- The Congestion Charge will increase to £15 with extended hours.
- Free travel for over-60s in morning peak and under-18s all day is temporarily suspended, but concessions remain for disabled individuals.
▸
Assessment & feedback
Summary accuracy