London’s transport infrastructure will get a £250m boost in 2024 under a funding package from the government.
The funding however cannot be used by Transport for London (TfL) for day-to-day operations and must be spent on capital investment.
Rail minister Huw Merriman said the deal was “fair to Londoners and taxpayers”.
TfL said it is “on track” to day-to-day financial sustainability but will still face a funding shortfall.
The Department for Transport (DfT) said the package will be used by TfL for projects such as providing new Tube trains for the Piccadilly line.
Andy Lord, TfL’s commissioner, said “huge efforts” had been made to reduce costs and increase passenger numbers since the pandemic.
He said: “We […] have consistently made the case that additional Government support for capital investment in transport is needed if we are to be able to continue to deliver vital improvements to London’s transport network, unlock new homes and support growth across London and the UK.”
Mr Lord said TfL would now reassess its draft business case and “address the impact of the continuing shortfall in funding”.
The DfT said it had provided nearly £6.4bn since 2020 to support transport in London.
Mr Merriman said the latest cash injection would bolster manufacturing jobs around the UK.
“This investment must be well managed in a way that doesn’t unfairly burden the pockets of taxpayers and motorists,” he added.
