Transport for London (TfL) and the government have reached a funding agreement projected to be worth roughly 1.8 billion GBP.

The actual figure will vary depending on passenger revenue, but it will allow TfL to continue running services in London for the rest of the financial year. Talks on longer-term sustainable funding options are ongoing.

The funding will give Transport for London the shortfall it as suffered as a result of revenue losses in the face of the coronavirus pandemic. The core amount in the funding package is 1 billion GBP for the period of 18 October 2020 to 31 March 2021. It is made up of an Extraordinary Support Grant worth 905 million GBP as well as 95 million GBP of incremental borrowing by TfL from the Public Works Loan Board.

Because of the large amount of uncertainty with regards to passenger numbers, the funding package can be modified depending on actual passenger revenues. TfL believes it will provide around 1.8 billion GBP of funding. TfL has committed to contributing around 160 million GBP to the forecast funding shortfall, either in the form of additional income or savings through a mix of lower capital and operating outgoings coupled with firmer financial control measures.
source= https://railway-news.com/tfl-reaches-funding-agreement-with-the-uk-government/