TfL and Government agree £1.4bn funding deal

Following weeks of negotiation, Transport for London and the Government have agreed a deal which will see TfL receive ‘base funding’ of around £1.4bn to cover the period until March 2024.

In a statement issued on 30 August, TfL commissioner Andy Byford says the settlement will help avoid ‘large-scale cuts to services’, and enable it to restore the Healthy Streets programme, thereby ‘making our roads safer and more attractive for those walking and cycling’.

• Read the TfL statement in full

TfL goes on to say that as a result of the deal it will commit £3.6bn to capital investment over the period, with around £200m of new capital funding from Government.

The agreement will also enable TfL to ‘continue to invest in improving London’s streets, including borough roads, with around £80m per year spent on projects that benefit people walking and cycling’.

However, TfL adds that the deal has ‘left an unfunded gap in our budget, which we have been working hard to identify how we will fill’ – but that it is confident ‘we will achieve an outcome that allows us to balance our budget and maintain our minimum cash balance’.