NEWS STORY : Government Agrees to £250 Million Funding Package for TFL
STORY
The Government has agreed to a £250 million funding package for TFL and has pledged to support the capital’s transport infrastructure as part of a longer term funding agreement. Mark Harper, the Secretary of State for Transport, said in the Commons today:
“The government has today agreed a capital settlement which provides a further £250 million of funding, which will enable TfL to continue to deliver its current capital programme and its committed major capital projects – including the delivery of the Piccadilly Line upgrade phase 1. This not only provides benefits to Londoners, but it provides benefits for the rest of the country – the Piccadilly Line upgrade on its own is expected to support an estimated 700 skilled jobs with a further estimated 250 jobs created in construction and up to 1,700 indirectly in the supply chain.”
He added:
“The current longer-term settlement will end in March 2024, and I continue to encourage TfL to modernise and to become a modern, effective, efficient and financially stable operator. Government support has enabled TfL to be on track to being financially sustainable and this capital settlement therefore requires TfL to demonstrate to government that it is financially sustainable at the end of March 2024, and it will provide to government in July 2024 its plan demonstrating how it will maintain and strengthen its financial sustainability from the financial year 2024 to 2025.”
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