The City of London Corporation has today (18 May) called for a sustainable, long-term settlement for Transport for London (TfL), as it is revealed that discussions over a new funding package are still ongoing.

The most recent funding deal - announced 22 March - was due to expire today, however, the parties have agreed to a temporary extension to the existing agreement until 28 May to allow for discussions to conclude.

Policy Chair at the City of London Corporation, Catherine McGuinness, said:

“Our transport system is vital to the capital’s recovery from the coronavirus pandemic. This short extension to TfL’s funding settlement is only a sticking plaster rather than the long-term funding package that London needs.

“Any political issues should now be put to one side. The pandemic has caused major new challenges for TfL and they need to be addressed. We need a transport system that works for London and drives forward the capital’s recovery.

“Londoners, including many of our heroic frontline workers, rely on public transport services to move around the capital. If TfL is not financially supported to run its service in a meaningful way, the impact of the pandemic will be further felt by businesses, residents, workers and visitors to the capital.

“The impact of the pandemic means that securing a sustainable, long-term settlement for TfL is now more important than ever before.”

Last week, the City Corporation welcomed TfL’s announcement of the 21 June re-opening of the Waterloo & City line.

ENDS

Notes to Editors:

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk