Transport for London (TfL) this morning announced that the government has extended its current funding deal for 10 more days while it continues to negotiations over a new package.
The transport operator’s current deal, itself an extension of an earlier agreement, was due to expire today.
But the network said the deal had been extended to allow the current “constructive” talks to continue.
A TfL spokesperson said: “We continue to discuss our funding requirements with the government and hope these discussions can be concluded successfully soon, to enable a strong and robust recovery from the pandemic.
“We have today agreed with the Government that our existing funding agreement will be extended until Friday 28 May so that these constructive discussions can be concluded.”
TfL is seeking a multi-year settlement in order to help it restore its finances, which have been ravaged by the pandemic.
As well as £3bn for the coming financial year, it was also seeking £1.6bn a year in capital spending support between 2023 and 2030.
Ministers have already spent more than £3bn propping up the capital’s transport network, which has seen passenger numbers collapse over the last year.
Back in March transport secretary Grant Shapps proposed a seven-week extension to the £1.7bn deal struck in November to allow for TfL’s funding to continue through this month’s mayoral election.
A DfT spokesperson: “The Government is committed to supporting London’s transport network through the pandemic, and has already provided more than £3bn in emergency funding to TfL.
“We continue to discuss any further funding requirements with TfL and the Mayor, and all additional funding provided will continue to move TfL onto a more financially sustainable footing.
“We have agreed to roll over the existing funding deal until 28 May on the same terms as now whilst a longer term funding offer is made.”