Transport For London Short-term Extension of Government Support Package (3803C)
16 Ottobre 2020 - 4:41PM
UK Regulatory
TIDM40CT
RNS Number : 3803C
Transport For London
16 October 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Transport for London ("TfL")
16 October 2020
Short-term Extension of Government Support Package
TfL has supported Government through the coronavirus pandemic
and taken measures to reduce the spread of the virus and protect
the public, by initially encouraging people to stay at home and
avoid public transport unless making critical journeys.
Subsequently, we have supported the Government's restart and
recovery work and guidance on travel as it has adapted to the
pandemic.
As a result of a significant reduction in passenger journeys,
our revenues continue to be negatively affected compared to our
latest business plan, as is reflected in our revised budget,
approved by the Board on 29 July 2020. The exact future impact is
difficult to forecast due to the uncertainty around the evolution
of the pandemic and measures taken to prevent its spread.
On 15 May 2020, TfL announced that an extraordinary funding and
financing support package (the "Funding Package") had been agreed
between TfL and DfT to contribute towards TfL's forecast funding
shortfall. The Funding Package was based on the assumption that the
funding shortfall would be GBP1.6bn for the period 1 April 2020 to
17 October 2020. The agreement also recognised that further support
measures will be required to enable TfL to maintain essential
services and deliver a revised balanced budget over the remainder
of the financial year.
In recent weeks TfL has been in constructive discussions with
DfT in relation to support for the remainder of the year to 31
March 2021 and beyond. While these discussions are ongoing, it has
been agreed that the existing Funding Package will be extended for
a further two weeks and will continue to apply until 31 October
2020. As the actual funding shortfall to 17 October was less than
GBP1.6bn, largely due to higher than anticipated ridership, the
funding provided under the existing Funding Package can continue to
be used and will remain sufficient while discussions continue
throughout the next two weeks.
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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