Despite the essential cash injection, Mayor of London Sadiq Khan has warned that the money still leaves “a significant funding gap” which could lead to the closure of some bus services and increases to fare prices.
In 2020, the number of rail journeys undertaken by passengers fell to lows not seen since the Victorian era, with buses also facing massive reductions in passengers.
TfL later warned that London transport could be forced into a ‘managed decline’ scenario if the government did not provide the emergency funding needed to maintain the capital’s transport services.
The Department for Transport (DfT) said the new funding will ensure the network is protected against potential lost revenue caused by uncertainty of post-pandemic demand, alongside some modernisation and network upgrades. This will include new Piccadilly line trains, as well as upgrades across the District, Metropolitan, Hammersmith and City, and Circle lines.
Specific upgrades include...