Negotiation of support package needs to be concluded by Friday
Transport for London (TfL) has confirmed this Friday (10 December) that the government has agreed to extend its financial support for another week.
Discussions on the ongoing funding for London's transport network will continue for the next few days.
TfL says that if a comprehensive funding package cannot be agreed then substantial cuts to tube, train and bus services will be necessary as well as the scrapping of planned cycle routes.
A Transport for London (TfL) spokesperson said: “We continue to discuss our funding requirements with the Government, who have today indicated their intention to extend our funding support for TfL through until 17 December 2021.
“There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital. We hope the discussions can be successfully concluded soon.”
TfL has indicated to the financial markets that it remains in a position to meet its operational and contractual obligations in the near term, whilst discussions conclude.
On 1 June 2021, TfL announced that an extraordinary funding and financing support package had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package provided support for the period from 29 May 2021 to 11 December 2021.
Like Reading Articles Like This? Help Us Produce More This site remains committed to providing local community news and public interest journalism. Articles such as the one above are integral to what we do. We aim to feature as much as possible on local societies, charities based in the area, fundraising efforts by residents, community-based initiatives and even helping people find missing pets. We've always done that and won't be changing, in fact we'd like to do more. However, the readership that these stories generates is often below that needed to cover the cost of producing them. Our financial resources are limited and the local media environment is intensely competitive so there is a constraint on what we can do. We are therefore asking our readers to consider offering financial support to these efforts. Any money given will help support community and public interest news and the expansion of our coverage in this area. A suggested monthly payment is £8 but we would be grateful for any amount for instance if you think this site offers the equivalent value of a subscription to a daily printed newspaper you may wish to consider £20 per month. If neither of these amounts is suitable for you then contact info@neighbournet.com and we can set up an alternative. All payments are made through a secure web site. One-off donations are also appreciated. Choose The Amount You Wish To Contribute. If you do support us in this way we'd be interested to hear what kind of articles you would like to see more of on the site – send your suggestions to the editor. For businesses we offer the chance to be a corporate sponsor of community content on the site. For £30 plus VAT per month you will be the designated sponsor of at least one article a month with your logo appearing if supplied. If there is a specific community group or initiative you'd like to support we can make sure your sponsorship is featured on related content for a one off payment of £50 plus VAT. All payments are made through a secure web site. |
December 11, 2021