Bailout extension to 4th February according to Evening Standard
Sadiq Khan says he’s still having to consider major cuts to Tube and bus services
www.standard.co.uk
Andy Byford (TfL commissioner) is quoted :
“There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital.
“It is therefore essential that discussions with Government continue so that we can agree the sustained long-term Government funding that is vital for the coming years if a period of ‘managed decline’ of London’s transport network is to be avoided.”
which is much straighter answer than Sadiq Khan ever gives where he is trying to highlight selected items to score political points.
Reading various finance news reports, it seems the Government asked for detailed proposals on raising at least £500m and ideally £1bn per year. But some of the proposals lacked details, and where there was a range eg X will raise £70-100m the minimums didn’t reach the £500m
Obviously have to be cautious as can’t verify this, but the Government (especially the Treasury) are always cautious so would expect the minimum to be met using most cautious numbers, and my take is the proposals just about got to enough, but there wasn’t enough over the minimum that the costing got been taken as definite.
Clearly to get the longer term funding, the revenue raise needs to be more, and sustainable. I suspect some were also too slow eg reported phasing out of 60+ cards over multiple years.
4th February is clearly 2 extra 4 week periods, extending bailout from end period 9 to end period 11 (TfL uses 13 periods of 4 weeks). So now everyone can resume negotiations in January after holiday period.