Transport for London: Funding

Lord Davies of Brixton Excerpts

Thursday 23rd June 2022 Lords Chamber

Asked by

[Lord Davies of Brixton]

To ask Her Majesty’s Government when they expect to announce the details of any further Extraordinary Funding and Financing Agreement for Transport for London (TfL) for the period after 24 June; and when they expect that there will be a long-term solution to funding TfL.

[Viscount Younger of Leckie (Con)]

My Lords, the Government have repeatedly shown their commitment to supporting London’s transport network since the start of the pandemic, providing almost £5 billion in emergency funding to Transport for London. The Government have committed to consider a longer-term settlement, and we continue to discuss further funding requirements with TfL. However, any future support provided will focus on getting TfL back on to a sustainable financial footing in a way that is fair to taxpayers across the country.

[Lord Davies of Brixton (Lab)]

My Lords, I regret to say that I cannot honestly thank the noble Viscount for his reply. I was hoping that the Government would take the opportunity to end the uncertainty facing Londoners, both passengers and staff. Of course, it is not just Londoners; people across the country depend on work from TfL and on London as a key powerhouse of the UK economy. What we face is managed decline, making a mockery of the Government’s purported policy of levelling up. Will the Minister give a specific commitment to support the necessary capital expenditure that the Transport Secretary has acknowledged will be required in London as well as in the rest of the country?

[Viscount Younger of Leckie (Con)]

To the extent that the noble Lord is right, he makes a very important point: the London Underground transport system in particular is one of the best in the world, and is recognised as such. It is important that we continue to fund it wherever and however we can. But this extraordinary funding, so defined, was meant for a specific purpose, as a result of the revenue shortfall due to the Covid-19 pandemic. I am well aware that tomorrow is 24 June, although I regret that I am not able to tell the House what extension, if any, can be announced today.