TfL funding agreement edges closer

TOWARDS the end of July, TfL announced that it had received a draft financing proposal from the Department for Transport (DfT).

In a statement, Andy Byford, London’s Transport Commissioner, emphasised that: “No agreement has yet been reached and we must make sure that the proposal is fair and that the conditions are realistic and deliverable.”

The ongoing issue of long-term funding for TfL is unquestionably political. An agreement was already due to have been reached by the end of June. As talks continued, the date was pushed back to July 13 and then again, to July 28. “We… maintain we have met every condition that has been set by Government as we have worked towards agreeing a multi-year funding settlement,” Byford added.

All this follows the fourth financial agreement between the Government and TfL, announced on February 24, which committed TfL to reform the pension scheme for staff. Following the initial delay in June, public exchanges between the Secretary of State for Transport, Grant Shapps, and Mayor for London, Sadiq Khan, revealed very bitter and stark differences.

On July 28, a decision was further pushed back until August 3 and the matter remained unresolved as this issue of Rail Express went to press.