Transport for London to receive USD 2.3 billion in government aid

The agreement with the Department for Transport runs to the end of the fiscal year in March and is subject to passenger revenue levels assumed in TfL’s revised budget, and could increase if actual revenue is lower.

Transport for London said it agreed with the UK government on roughly 1.8 billion pounds ($2.3 billion) of funding as the prolonged impact from the coronavirus pandemic continues to hurt revenue.

TfL’s revenue fell 90 per cent at the start of the first Covid-19 lockdown in March. (AFP Photo | Representational image)

The agreement with the Department for Transport runs to the end of the fiscal year in March and is subject to passenger revenue levels assumed in TfL’s revised budget, and could increase if actual revenue is lower. Current temporary changes to the congestion charge in central London and restrictions on free travel for those over 60 will remain in place, according to a TfL statement.

TfL’s revenue fell 90% at the start of the first Covid-19 lockdown in March. England will start a second lockdown this week and the government has been encouraging those who can work from home to do so since September.

Meanwhile, separate discussions on additional costs for the delayed Crossrail project are being progressed in parallel.