In response to the news that the current emergency funding agreement between the Government and TfL has been extended to 28th May, Labour’s London Assembly Transport Spokesperson, Elly Baker AM, said:
“The Government knows that a fair deal for TfL is crucial- not just for London’s economic recovery, but that of the whole country.
“Since its fares revenue plummeted by 90% when the pandemic first hit, passenger numbers have struggled to recover and this has had far-reaching consequences for TfL’s financial future. It is important to remember that before the COVID-19 outbreak, the Mayor had slashed TfL’s operating deficit by 71% and increased its cash reserves by 13%.
“A clear case has been put to Ministers that TfL needs a multi-year emergency funding settlement to not only keep transport services running, but to also safeguard jobs and the future of key infrastructure projects.
“Short-term, sticking-plaster agreements with any number of strings attached simply won’t do. The Government must use the next ten days to come to the table with TfL and the Mayor to offer long-term support”.
ENDS