Transport for London had feared the £230m gap in its funds that was left following last month’s last Government bailout would require it to additional slash services to stability its budget.
But Sadiq Khan introduced he would supply TfL with up to £500m from City Hall funds over the following 18 months to keep away from the necessity to make cuts.
However, that is possible to power the mayor to press forward with plans to hike common council tax payments by at least £20 a year for an extra two years to generate additional cash for TfL. His £31.93 hike in Band D payments last April included £20 for TfL.
In addition, earlier cost-cutting plans to axe up to 22 bus routes in central London – and make modifications to 50 extra routes – stay on the desk. A last resolution is due later this year.
The £1.2bn pandemic bailout agreed with the then Transport Secretary Grant Shapps required TfL to discover £230m of unidentified financial savings.
It additionally forces TfL to cut back the cost of its employees pension scheme by £100m and to pay the £250m infrastructure cost of increasing the ultra-low emission zone (Ulez) throughout Greater London by subsequent August from its personal reserves.
Mr Khan believes it’s important for TfL to preserve services as shut to pre-pandemic ranges as potential to lure extra passengers again to the network.