TfL to revise capital spending plan as condition of £1bn bailout

Aaron Morby 2 years ago
Share

Transport for London has agreed to revise its medium-term capital spending plans as part of a fresh Government bailout package to the end of the year.

The latest £1.08bn bailout is the third extraordinary funding and financing package for TfL and takes to £4bn the total pandemic cash support since March 2020.

As part of today’s settlement, the Mayor has agreed to deliver an extra £300m of savings or new income sources in 2021 to 2022.

London mayor Sadiq Khan also agreed to prepare a plan to accelerate TfL’s existing modernisation programme of £730m by April 2023 and review TfL’s generous pensions scheme.

The Government has also agreed to fund around a third of the expected £40m cost of repairing and strengthening Hammersmith Bridge.

Engineers have come up with a radical plan to build a temporary double-decker crossing within the existing structure of Hammersmith Bridge, which has been closed fully on safety grounds since 13 August 2020.

This will allow the bridge to be brought back into use while extensive structural repairs are carried out.

London’s Transport Commissioner Andy Byford said: “Today’s funding agreement with the Government provides £1.08bn in base funding and further support should our passenger revenue income be lower than forecast until 11 December 2021 to enable us to continue to run near full levels of service to stimulate London’s recovery and deliver a host of improvements like the Elizabeth line, Northern line extension and expansion of London Overground.

“It is vital that we also use this period to agree a longer-term settlement so that we can plan effectively for London’s future and deliver maximum value for money through our contracts and supply chain. ”

 

Latest news

Balfour launches new guide for inclusive behaviour

Right to Respect inclusivity initiative shows "where the boundaries are"
9 hours ago

VINCI to build new £100m Blackpool office scheme

Contractor to build new seven-storey regional hub for civil servants
16 hours ago

Shapps to lead new Net Zero Government department

Business Energy and Industrial Strategy to split into three new Government departments
18 hours ago

Administrators appointed at concrete flooring specialist

Malin Industrial Concrete Floors has worked with a host of major contractors
18 hours ago

M&E firms readied for £545m Pagabo deal

New framework to meet demand for smarter buildings, particularly in healthcare and education
24 hours ago

Mivan bags £100m haul of hotel and resi fit-out jobs

London hotel and prime residential orders put firm on track for £75m revenue this year
24 hours ago

Graham hospital site hut complex destroyed by blaze

Site offices ravaged by fire which took eight hours to get under control
2 days ago

Mace wins £150m over-station job at Liverpool Street

Latest win from Aviva Investors and Allianz Real Estate following earlier Moorgate contract
2 days ago

Turner & Townsend and alinea join forces

110 alinea staff join T&T cost management team
23 hours ago

Developer confidence high in big regional cities

Crane survey reveals Birmingham, Leeds and Manchester can count on resilient development pipelines
23 hours ago

Caddick wins £21m Oldham off gas housing scheme

West Vale housing job forms part of £160m plan for 1,100 homes in Oldham
24 hours ago

Buyers see brighter days ahead despite resi slump

"Construction can see a path through for better outcomes in 2023"
2 days ago

Australian firm to buy £300m gigaplant backer Britishvolt

New owner vows to complete giant factory in Northumberland
2 days ago

Project delays curb Ardmore growth ambitions

Refurb and housing specialist sees profit fall after challenging year of delays and supply chain failures
2 days ago

Scaffolders and sparks strike at antibiotic plant

Engineering construction workers down tools in bonus pay row
2 days ago

McAlpine bags £1bn Sellafield concrete structures deal

Contractor signs 17-year concrete structures and groundworks framework
2 days ago

Moving in to new markets paying off for McLaren

Contractor carving out new niche as leading player in heavy refurbs
5 days ago

Heavy materials sales fall amid slowdown in starts

Light side product sales grow helped by pace of activity for refurbs and energy-efficient retrofits
2 days ago

Plan to add retentions record to payment reporting law

Government consults on tougher reporting to include disputed invoices and retention policies
5 days ago

Morgan Sindall wins £88m Beckton DLR depot upgrade

Delayed work to start on Docklands Light Railway train maintenance depot in East London
5 days ago

Hare and Severfield win £250m Sellafield deal

Country's two biggest steelwork contractors secure 17-year framework
5 days ago

Max Steward returns to head up ISG’s Agility fit-out arm

Former ISG project director returns after three years to take up MD role
5 days ago

McLaren wins massive Portland House refurb

Construction to start this year on £380m revamp of 28-storey building in central London
6 days ago

Green light for £275m HS2 Midlands nerve centre

Trio of contractors battling it out to win huge new depot near Birmingham
6 days ago

Winners named for Government £10bn offsite framework

29 firms secure places on mega framework for schools, healthcare, defence and justice jobs
6 days ago

ISG, Amey and Costain now industry’s quickest payers – list

Average payment times from main contractors slip by a day
7 days ago

Staff at Outco Surfacing start looking for new jobs

Administration notice filed two years after acquisition of NMC Group
6 days ago

£4.75m building work provision tips Higgins into the red

Partnerships business counts cost of changes to building safety rules
6 days ago

John F Hunt snaps up London temporary works design firm

Demolition contractor buys geotechnical and structural engineering design specialist RKD Consultant
6 days ago

Vital Energi lands £13m package at Plumstead regen site

Specialist will start on site this summer helping to transform the former home of Arsenal FC
6 days ago

Contractor services