Transport for London has reached a settlement with the government to secure the long-term future of London’s transport network.
The deal includes £1.2bn of up-front funding that will guarantee passenger fare revenue until March 2024 and allow £3.6bn for maintenance and infrastructure projects.
As part of the deal, £80m a year will be allocated to active travel schemes and expanding walking and cycling infrastructure to reduce congestion and pollution across the capital, alongside the establishment of an independent property company that will start work on 20,000 homes on TfL’s land within 10 years.
The settlement will fund new Piccadilly Line trains, as well as modernisations and upgrades across the District, Metropolitan, Hammersmith & City and Circle lines.
Specific upgrades include supporting the long-awaited repair of Hammersmith Bridge, the extension of the Northern Line, and improvements to Elephant and Castle station.
TfL commissioner Andy Byford described the deal as “hard won” but London mayor Sadiq Khan said it “far from ideal” while warning of increased fares.
Transport secretary Grant Shapps said the deal “more than delivers for Londoners”.
The Department for Transport said it had now provided more than £6bn of funding since May 2020.
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