Secretary of State for Transport (): I am updating the House
on an interim extension of the current Transport for London
(TfL) funding
settlement that was due to expire on 11 December 2021 by one
week. This has been agreed by the Mayor of London.
On 8 December 2021, the Department for Transport (DfT) received a letter from the
Mayor of London that provided further information on how
TfL and the Mayor will
raise new income of between £0.5 billion and £1 billion in line
with the commitment agreed under the June 2021 emergency
settlement. This response was already 3 weeks past the original
deadline of 12 November 2021.
Government requires further clarification on these proposals and
the Mayor of London has been asked to provide more detailed
information by 15 December 2021. Should sufficient information be
received, work on an extended further settlement will continue to
support the capital and its transport network. We have thus far
supported London with over £4 billion funding and will make sure
services are protected whilst work on the next settlement is
underway.
Support to TfL has
always been on the condition that TfL reaches financial
sustainability as soon as possible and with a target date of
April 2023. The condition on identifying new or increased income
sources is integral to TfLachieving that objective.
An extension of the existing funding settlement will provide
TfL with support until
17 December 2021 by rolling over the provisions of the existing
settlement, providing continued support to TfL and certainty to Londoners
while we work with TfL
on their funding needs.
The government is committed to supporting London and the
transport network on which it depends, whilst balancing that with
supporting the national transport network. I will update the
House on the details of the next financial settlement after the
close of this extension period.
