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<p>The Government’s extraordinary funding settlements recognise the reliance of London’s
transport network on fare revenue, and Government is committed to compensating TfL
for loss of fare revenue as a result of the pandemic. Since the onset of the pandemic,
Government has provided TfL with close to £5 billion of emergency funding support,
through settlements agreed in May 2020, October 2020, June 2021 and February 2022.</p><p>In
addition to these emergency funding settlements, the 2021 Spending Review settlement
for London provides over a billion pounds of capital investment per year, in line
with previous funding.</p><p>In accordance with the 25 February 2022 extraordinary
funding agreement, Government is considering a longer-term settlement for TfL for
a period of 1-3 years in a way that is fair to the national taxpayer and provides
value for money.</p><p> </p>
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