Ministers and TFL agreed a new £250 million funding injection for 2024 to improve London’s transport system bringing total central government funding to £6.6bn since the beginning of the pandemic.
The Government has been clear that this investment is for TfL to continue delivering its investment programme, including new trains for the Piccadilly line, a scheme which will support an estimated 700 skilled rail manufacturing jobs in Yorkshire and up to 2,000 more jobs in supply chains across the country.
TfL now benefits from around £2 billion every year in retained business rates following a measure in the 2021 Spending Review, which saw government continue over £1 billion of enhanced retention for TfL’s capital investment, on top of its fares and other income sources.
While delivering transport services in the capital is ultimately the Mayor's responsibility, the Department for Transport will continue to engage closely with TfL on its wider and future capital plans.
You can read the Secretary of State's letter to Sadiq Khan HERE.
