The Mayor has established a facility to ensure Transport for London's (TfL's) budget will balance throughout the period of the latest funding agreement with the government.
In response to the announcement, Siân Berry AM, Chair of the London Assembly Transport Committee, said:
"We are very interested in scrutinising this decision. It appears that the Greater London Authority (GLA) will be lending TfL cash when it requires any additional funding, that can be used to balance TfL's budget as necessary until March 2024.
"If this will prevent cuts to our public transport services, it may be beneficial, as the Committee believes that overall, any reduction in bus services driven by cost savings will be counterproductive.
"Another concern is whether this will impact on the GLA's ability to invest in other projects across the capital.
"The London Assembly Transport Committee will examine this proposal in more detail 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.