Railway industry responds to Transport for London funding deal

The Railway Industry Association, the voice of the UK rail supply community, has responded to the announcement of a new conditions-based funding settlement for Transport for London (TfL), due to run until 11 December 2021.

Darren Caplan, Chief Executive of the Railway Industry Association (RIA), commented: “It is positive to see a further funding deal agreed between the Government and Transport for London (TfL), which will ensure key rail services can continue in the capital, and help boost the economic recovery from Coronavirus.

“However, given the long-term nature of rail projects and the importance of certainty around upcoming work for the supply chain, transport bodies such as TfL cannot continue to operate on a series of short-term funding packages. The Railway Industry Association and our members have long called for a multi-year financial settlement for TfL, similar to Network Rail’s five-year Control Periods, which would provide the certainty that rail businesses need to support London’s railway, and deliver critical upgrades, as increased passengers and freight return to the network.

“So to help UK rail businesses recover from the pandemic and ensure rail services continue to improve for Londoners too, we hope to see a long-term solution agreed between the Government and TfL as soon as possible.”