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TfL strikes £1.6bn deal with Treasury to cover Covid costs

Funding

Andrew Forster
15 May 2020

 

Transport for London this week struck a £1.6bn deal with the Government to fill a gaping financial hole created by Covid-19.

The deal will keep services running until September. TfL estimates the full year cost of Covid-19 is likely to be about £3.2bn.

Features of the agreement include: 

an above inflation fare rise next January

£505m of the £1.6bn as a loan

free travel is temporarily suspended for Freedom Pass and 60-plus card holders at peak times

a review of the...

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