Transport for London secures £1.8bn bailout

Transport for London (TfL) has secured a bailout from the Government worth around £1.8 billion.

The capital’s transport body said the agreement will enable it to continue operating services until the financial year ends on April 5 2021.

The exact amount of money involved is subject to passenger revenue in the coming months.

TfL said: “Discussions on longer-term sustainable funding continue.”

Amendments to the Congestion Charge introduced in June as part of a previous bailout – a 30% increase in the fee and longer operating hours – will remain in place due to the new deal.

London Mayor Sadiq Khan said last month that the Government wanted TfL to extend the charging zone to the North and South Circular roads, covering around four million more Londoners.

London transport commissioner Andy Byford said: “Reaching this agreement with the Government allows us to help London through this next phase of the pandemic.

“We will continue to work with the Mayor and the Government on our longer-term funding needs.

“As always, our staff are working tirelessly to serve London’s people and businesses, supporting the city’s economy and providing an excellent, safe and reliable service to our customers every day.”