The
long-running
conflict


over
funding
for
Transport
for
London
has
been
eased,
because
the
Government
has
agreed
to
provide
£250
million
in
capital
funding
for
2024.

TfL
has
been
battling
with
its
finances
ever
since
the
Covid
pandemic,
although
passenger
figures
on
the
Underground
have
been
rising
and
are
now
almost
back
to
the
totals
achieved
before
the
lockdowns.

Fears
that
the
One
Day
Travelcard
would
have
to
be
scrapped
to
raise
more
money
have
also
been
dispelled,
after
TfL
reached
a
new
agreement
on
sharing
the
revenue
with
the
Rail
Delivery
Group
and
the
Department
for
Transport.

The
new
Government
funding
announced
today
will
be
used
for
TfL
investment,
including
the
new
fleet
for
the
Piccadilly
Line
which
is
being
built
by
Siemens
in
Germany
and
Yorkshire.

Rail
minister
Huw
Merriman
said:
‘We’re
investing
in
transport
across
the
country
and
today’s
agreement
will
have
a
tangible,
positive
impact
not
just
for
people
travelling
in
and
around
the
capital
but
also
the
millions
who
visit
every
year.

‘It
is
fair
for
Londoners
and
taxpayers,
underpinning
projects
that
will
support
hundreds
of
skilled
manufacturing
jobs
in
our
vital
rail
sector.

‘We
have
invested
billions
into
the
capital’s
transport
system
in
recent
years.
This
investment
must
be
well
managed
in
a
way
that
doesn’t
unfairly
burden
the
pockets
of
taxpayers
and
motorists.’

London
transport
commissioner
Andy
Lord
added:
‘Through
a
huge
effort
to
reduce
costs
and
rebuild
our
ridership
and
revenue
following
the
pandemic,
TfL
is
now
on
track
to
be
financially
sustainable
in
terms
of
its
day-to-day
operations.
We
are
also
able
to
cover
the
cost
of
the
majority
of
our
capital
investment.

‘We,
alongside
London’s
business
stakeholders
and
others,
have
consistently
made
the
case
that
additional
government
support
for
capital
investment
in
transport
is
needed
if
we
are
to
be
able
to
continue
to
deliver
vital
improvements
to
London’s
transport
network,
unlock
new
homes
and
support
growth
across
London
and
the
UK.’

However,
the
Liberal
Democrats’
transport
member
on
the
London
Assembly
Caroline
Pidgeon
was
critical.

She
said:
‘The
UK
Conservative
Government
has
once
again
failed
to
adequately
invest
in
the
future
of
London’s
public
transport.

‘By
constantly
forcing
TfL
to
operate
on
a
short-term
basis
the
Conservatives
are
ensuring
that
projects
will
end
up
costing
more
overall
and
that
those
that
require
long-term
funding
commitments
have
their
futures
placed
in
doubt.

‘The
UK
Government
cannot
continue
to
short-change
London
and
expect
it
to
continue
to
drive
growth
across
the
UK.’

Ben
Curtis
of
the
Campaign
for
Better
Transport
gave
the
news
a
qualified
welcome,
saying:
‘We
welcome
the
provision
of
cash
for
the
capital’s
transport
network
which
we
had
previously
written
to
the
transport
secretary
about.
Whilst
this
settlement
will
ensure
the
wheels
keep
turning,
it
is
not
helpful
to
the
general
economy
of
the
country
to
keep
London
on
such
a
short
leash.’