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<p>The Department for Transport compensated Transport for London (TfL) in full for
the projected impact on their revenues of the Chancellor of the Exchequer’s September
2014 announcement on regulated rail fares. The Department did this by paying TfL an
additional £43 million, spread over two financial years (£7m in 2014/15, and £36m
in 2015/16), by means of a variation to their core grant (the GLA transport grant,
paid under section 101 of the Greater London Authority Act 1999). This followed consultation
with HM Treasury and with the Greater London Authority.</p>
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