UK transport secretary Grant Shapps and London mayor Sadiq Khan have agreed to extend the current Transport for London (TfL) funding settlement to 04 February 2022.
The current settlement to support the capital and its transport network was due to expire on 17 December 2021.
However, this has now been extended by seven weeks while the government considers proposals submitted by Khan in December relating to raising new income of between 500m and £1bn in line with the commitment agreed under the June 2021 emergency settlement.
The extended settlement also includes amendments relating to fares and the Hammersmith bridge ferry. The extension will continue on the same terms as previously agreed, however, upon expiry in February, the government said it expects there to be a new funding settlement in place.
“This extension has provided certainty to Transport for London and to Londoners over the Christmas and New Year period whilst also allowing government and Transport for London to monitor and adapt to the impact of the Omicron variant of the virus,” said Shapps.
According to the UK Department for Transport, the government has so far provided TfL over £4bn in emergency funding to mitigate loss of fare revenue because of the pandemic.
