THE announcement of a long-term funding settlement at the end of August came just too late for the last issue of Rail Express. The agreement provides TfL with Government funding that lasts up until March 31, 2024, with £598m for the 2022/23 financial year, and £565m for 2023/24. This covers the projected loss of passenger income as a direct consequence of changes in passenger numbers due to the Covid pandemic.
Day-to-day operation of TfL and London Underground will change little. The deal will, in the short term, settle the financial uncertainty that has dogged the organisation since the catastrophic drop of income.