Press Release

RIA welcomes reprieve of latest TfL deal, but urges longer-term certainty

25 February 2022

The Government and Transport for London (TfL) have today (Friday 25 February) agreed an extension of funding support until June 24 2022.

Darren Caplan, Chief Executive of the Railway Industry Association (RIA), responded: “The latest funding deal announced for Transport for London (TfL) will offer some reprieve for businesses and rail and tube passengers, as the capital recovers from the impact of the pandemic. And it is good that the Government has recognised the need for certainty of funding and is willing to consider a longer-term capital settlement.

“However, today’s four-month extension does not help TfL or businesses to plan for the long-term and it fails to address uncertainty around vital railway upgrades. Projects such the Bakerloo Line extension, Piccadilly Line signalling and Crossrail 2 remain in doubt, the effects of which ultimately will be felt by passengers and the London and national economy. Such uncertainty also makes it harder for hundreds of rail businesses around the UK, who supply to and support the capital’s transport system, to invest in skills and capabilities.

“With passenger numbers clearly returning to London’s transport network, now is the time to be ambitious for the future rather than relying on temporary solutions. The Government and TfL need to work closely on a multi-year funding settlement, enabling the capital’s railway and tube network to be renewed and enhanced in the months and years ahead, ultimately helping drive economic growth not just in London but right across the UK.”
Notes to Editors

 

  1. The announcement can be found here.

  2. About RIA: The Railway Industry Association (RIA) is the voice of the UK rail supply community. We help to grow a sustainable, high-performing, railway supply industry, and to export UK rail expertise and products. RIA has 300+ companies in membership in a sector that contributes £43 billion in economic growth and £14 billion in tax revenue each year, as well as employing 710,000 people. It is also a vital industry for the UK’s economic recovery, supporting green investment and jobs in towns and communities across the UK; for every £1 spent in rail, £2.50 is generated in the wider economy. RIA’s membership is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number). www.riagb.org.uk