As part of Transport for London's (TfL) billion pound bail-out, the government has asked the Mayor of London, Sadiq Khan, to confirm he will increase fares by RPI plus 1% on all modes from Jan 2021 as proposed in the TfL business plan.
In a report published by TfL, the Mayor has agreed with the government that his intention is to adhere to the fares increases sought by government and proposed in the TfL business plan.
The report states that Sadiq Khan will take this decision on advice from TfL based on forecasts and other relevant factors.
On 12 May, the Finance Committee met remotely to discuss TfL’s proposed Emergency Budget, progress on TfL’s funding discussions with government, and options if funding was not made available within the required timescale.
On 14 May, a funding and financing package was provided by the government for £1.6bn to cover the period from 1 April 2020 to 17 October 2020.
Part of the bailout agreement will see two government appointed Special Representatives attend all TfL board meetings, being able to raise questions at the board, request additional information as reasonably required and report back to the Secretary of State on these matters.
One Special Representative will also be able to attend all meetings, formal and informal, of the Finance Committee and the Programmes and Investment Committee.
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