Transport for London gets £1.8B bailout to weather coronavirus
Congestion charge
A proposed expansion of thecongestion charge zonehas been avoided, but the fee, which was increased from £11.50 to £15 in June, will remain in place at the higher rate.
Almost £100 million was raised this summer as a consequence of hiking the charge to £15 and extending its operating hours into the evenings and weekends.
London residents will also face higher council tax bills from January, though the exact amount has not been revealed.
Transport Secretary Grant Shapps said: “This deal is proof of our commitment to supporting London and the transport network on which it depends.
“Just as we’ve done for the national rail operators, we’ll make up the fare income which TfL is losing due to Covid-19.”
Without the bailout the network could have been forced to issue a Section 114 order, the equivalent of bankruptcy for a public company.
Other measures under the new agreement include:
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Story byCities Today
Cities Today is the leading news platform on urban mobility and innovation, reaching an international audience of city leaders.Cities Today is the leading news platform on urban mobility and innovation, reaching an international audience of city leaders.
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