Question to the Department for Transport:
To ask the Secretary of State for Transport, if he will make it his policy to introduce a new funding model for Transport for London.
The Government’s extraordinary funding settlements recognise the reliance of London’s transport network on fare revenue, and Government is committed to compensating TfL for loss of fare revenue as a result of the pandemic. Since the onset of the pandemic, Government has provided TfL with close to £5 billion of emergency funding support, through settlements agreed in May 2020, October 2020, June 2021 and February 2022.
In addition to these emergency funding settlements, the 2021 Spending Review settlement for London provides over a billion pounds of capital investment per year, in line with previous funding.
In accordance with the 25 February 2022 extraordinary funding agreement, Government is considering a longer-term settlement for TfL for a period of 1-3 years in a way that is fair to the national taxpayer and provides value for money.