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London transport gets 500 million stg funding facility

London transport gets 500 million stg funding facility
London transport gets 500 million stg funding facility Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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LONDON - London city authorities will make 500 million pounds ($567 million) available for the British capital's transport network to cover gaps left by a government support package, Mayor Sadiq Khan's office said on Wednesday.

"(The funding) is designed to ensure that TfL's budget will balance in light of the gap," it said in a statement, adding that otherwise services would have been threatened.

TfL, which runs the city's red double-decker buses and underground Tube trains among other services, agreed a 1.16 billion pounds ($1.3 billion) deal with the British government in August to run until end-March 2024.

The mayor's office said the shortfall in funding, in spite of the support package, would have meant "huge service cuts" if TfL could not deliver a further 230 million pounds in savings.

The 500-million-pound facility will be financed by the taxpayer-funded Greater London Authority, with TfL having the option to tap funds until March 2024.

Britain's government has stepped in with a number of funding packages for TfL since the start of the pandemic, when lockdowns caused a fall in passenger numbers, pressuring the transport network's finances.

($1 = 0.8821 pounds)

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