The City of London Corporation has reacted to the additional Government financial support for TfL, which has been announced today and will help to provide certainty until the end of the year.

The funding agreement includes £1.08 billion of base funding and further support should passenger revenue be lower than forecast. The new agreement expires on 11 December 2021.

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

“A world-leading public transport system is vital to London’s recovery and we welcome the news of this medium-term agreement. This announcement will be of huge relief to people and businesses that rely on public transport right across the capital.

“The funding not only ensures the continuation of vital transport services for residents, workers and visitors - but it also means that major projects, such as the Elizabeth line and upgrades to Bank station, will continue.

“It is now vital that both sides deliver on the commitment made today to work together to identify a long-term deal by December this year. A sustainable funding arrangement will be key to London’s recovery from the coronavirus pandemic.”

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