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15 May 2020

DfT agrees £1.6bn funding and financing package (grants and loans) for Transport for London

Sub-theme: Transport

Introduced by

Department for Transport

Targeted at

Transport for London (TfL)

Timings

Announced on 15 May 2020. Deal runs until October

Stated aims

To protect key services, to help people stay safe when travelling and support the capital's recovery from COVID-19

Summary

The Department for Transport (DfT) agrees a funding and finance package for Transport for London (TfL) made up of a £1.095bn grant and a £505m loan. It is based on conditions agreed between the government and the Mayor of London, Sidiq Khan, which include increasing service levels as soon as possible to ensure people can follow social distancing. A London COVID-19 task force has been established to oversee operational decisions during the crisis, with government and TfL membership. The congestion charge and fares on buses will be reinstated and other temporary changes introduced. In a written statement to parliament on 18 May, Transport Secretary Grant Shapps says the support can be increased by £300m of grant and loan if revenue loss is higher than current forecasts.

Source(s)

Gov.uk news story

Gov.uk written statement to parliament