Sadiq Khan addresses possibility of a third London Mayor term
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The substantial financial package was agreed to help the capital’s transport system through the pandemic. It will provide an additional £1.08billion until December 11 and comes after two other financial packages were already given to prop up the battered network of trains and buses.
The bailout was agreed after the London Mayor signed up to seven conditions to help make TfL sustainable in the long run.
TfL’s debt has soared under the management of Mr Khan, with the figure spiralling even before the coronavirus pandemic hit.
The transport network was in £9.148billion of debt when the London Mayor took office in 2016 but that figure had grown to £11.175billion in real terms by 2019.
Announcing the deal, Transport Secretary Grant Shapps said: “This £1.08bn financial package will support London and its transport network through the pandemic, and ensure it is a modern, efficient and viable network for the future.
“Throughout this process the Government has maintained that these support packages must be fair to taxpayers across the UK and on the condition that action is taken to put TfL on the path to long-term financial sustainability.
“As part of today’s settlement, the Mayor has agreed to further measures that will help ensure that.”
More to follow…
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