TfL funding extended until Friday as transport body seeks long-term deal

Transport for London (TfL) has agreed with the Government to extend its existing funding package until Friday.

This is the latest in a series of short-term extensions as the transport body tries to secure a long-term deal.

TfL has repeatedly issued stark warning that it will be forced to begin “managed decline” of the capital’s public transport network unless it secures a multi-year funding deal to replace fares revenue lost during the coronavirus pandemic.

A TfL spokesman said: “We have agreed with the Government that our existing funding agreement will be extended until 25 February so that these discussions can be concluded.

“Working together, we must achieve a longer-term capital funding settlement of at least three years that ensures London’s transport network can remain reliable and efficient, can support the jobs and new homes that rely upon it and can support the economic recovery of the capital and the country as a whole.

“We hope these discussions can be concluded successfully soon.”

The Department for Transport insists it has “repeatedly shown its commitment” to supporting TfL during the pandemic by providing more than £4.5 billion in emergency funding.