Transport for London (TfL) and the Government have agreed a funding deal.
This follows months of short-term funding extensions of its Government bailout.
In response to the announcement, Siân Berry AM, Chair of the London Assembly Transport Committee, said:
"We welcome the news a deal has been done -- it was a long time coming.
"TfL made it clear to Government that it would need £927m for the remainder of this year, as well as a long-term capital funding deal to support London's economic recovery. There is still a significant gap and we are concerned about potential cuts to services and transport improvements that may now follow.
"During the pandemic, train operating companies nationally received continuous financial settlements, totalling more than £10.4 billion to 24 July 2021. In contrast, TfL has received numerous short-term funding settlements from Government, totalling around £4 billion.
"The back and forth went on for too long and at least now, Londoners have been given some certainty over the future of their transport system.
"The London Assembly Transport Committee will examine this deal in great detail and will question TfL on what exactly it means, over the coming weeks."
Notes to editors
- Siân Berry AM, Chair of the London Assembly Transport Committee is available for interview - see contact details below.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Alison Bell on 020 7983 4228. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.