A new funding package from the UK government will see the transport infrastructure of the capital receive a £250 million boost this year.
However, specific rules concerning how the funding can be used will apply. This means that Transport for London (TfL) must spend the fresh funds on capital investment, and cannot use them to support its daily operations.
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As the government body charged with London’s transport network, TfL commented that despite the financial injection, it would be facing a shortfall for funding in the year ahead. However, it commented that in terms of financial sustainability, it remained on track on a day-to-day basis.
A spokesperson for the Department for Transport (DfT) added that the funding package would be deployed by TfL for planned projects like creating new underground trains for tube network’s Piccadilly line.
Commenting on the one year of capital funding, Sadiq Khan, the Mayor of London, expressed relief, but added that an agreement on longer term investment in London’s infrastructure was still necessary.
