Sunday, April 14

Day: November 1, 2020

TfL secures £1.8bn rescue deal
Featured, United Kingdom

TfL secures £1.8bn rescue deal

    Sadiq Khan and Boris Johnson have struck a rescue deal worth up to £1.8bn for Transport for London to keep bus and Tube services in the capital running for another six months. The agreement, announced early on Sunday just hours ahead of a crucial deadline will prevent the collapse of TfL until the end of the financial year. But discussions will continue on a new funding package for the following year, with lockdown restrictions expected to play further havoc on the group’s main income stream. Mr Khan, the Labour mayor of London, has been locked in an acrimonious dispute with transport secretary Grant Shapps over the bailout in recent weeks. Mr Shapps had threatened to take direct control of TfL unless Mr Khan accepted a package of unpopular measures, including sig...