Transport For London Government Support Package (8874C)
25 2월 2022 - 8:58PM
UK Regulatory
TIDM40CT
RNS Number : 8874C
Transport For London
25 February 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it
forms part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018).
Transport for London ("TfL")
25 February 2022
Government support package
TfL announces that a funding and financing package (the "Fourth
Funding Package") has been agreed between TfL and the Department
for Transport ("DfT") to support transport services in London for
the period from 26 February 2022 to 24 June 2022 (the "Fourth
Funding Period"). The Fourth Funding Package will contribute
towards TfL's revenue loss due to reduced passenger numbers using
TfL services as a result of the pandemic.
The Fourth Funding Package comprises an Extraordinary Support
Grant of GBP200m payable under section 101 of Greater London
Authority Act 1999, paid in three instalments commencing on 29
April 2022. In addition, the Fourth Funding Package recognises that
since the relaxation of Covid-19 restrictions the current
circumstances continue to present ongoing financial challenges and
uncertainty to TfL in predicting the future passenger revenue for
the organisation, hence the Government will "top up" TfL's revenues
with additional grant payments if they are lower than a
pre-determined passenger revenue forecast. Conversely, if TfL's
revenues are higher than the pre-determined passenger revenue
forecast, TfL will be required to pay that excess to DfT at the end
of the Fourth Funding Period. This provides TfL with certainty that
it will receive income equivalent to GBP1.615bn in passenger
revenue over the Fourth Funding Period in addition to the
Extraordinary Support Grant of GBP200m.
As part of the Fourth Funding Package, TfL commits to deliver a
plan by 31 March 2022 demonstrating the options that exist to
achieve up to GBP400m of additional revenue or cost savings in
2022/23, in addition to delivering the previously agreed operating
cost savings for the 2021/22 financial year. DfT acknowledges that
TfL is facing further cost pressures in 2022/23 and therefore any
proposals presented in this plan and the savings level of GBP400m
will be considered and confirmed following a review of TfL's
2022/23 budget.
The Fourth Funding Package recognises that, in line with the
current liquidity policy, TfL should continue to maintain cash
reserves of an average of GBP1.2bn throughout the Fourth Funding
Period. If during the Fourth Funding Period TfL's cash balances
rise above an average of GBP1.2bn, then grant payments may, subject
to consultation, be varied and/or deferred until such time as TfL's
cash balances return to an average of GBP1.2bn. If at the end of
the Fourth Funding Period TfL's cash balances exceed GBP1.3bn,
there will be a process to adjust final payments made to TfL, by
DfT, to account for this.
Government state a willingness in the short and medium term to
provide grant funding for renewals and enhancements and will work
towards an agreement for long-term capital support with an
expectation that this agreement will be reached by 31 March
2022.The Fourth Funding Package includes a number of conditions,
which includes the continuation and further development of
initiatives commenced under previous funding agreements with
DfT.
For further information, please contact:
Transport for London
5 Endeavour Square
London E20 1JN
Email: GroupTreasury@tfl.gov.uk
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END
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