Transport for London has reached a settlement with the government to secure the long-term future of London’s transport network.
The deal includes £1.2bn of up-front funding that will guarantee passenger fare revenue until March 2024 and allow £3.6bn for maintenance and infrastructure projects.
As part of the deal, £80m a year will be allocated to active travel schemes and expanding walking and cycling infrastructure to reduce congestion and pollution across the capital, alongside the establishment of an independent property company that will start work on 20,000 homes on TfL’s land within 10 years.
