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Coronavirus: Transport for London secures emergency £1.6bn bailout Coronavirus: Transport for London secures emergency £1.6bn bailout
(32 minutes later)
Transport for London (TfL) has secured £1.6bn in emergency funding to keep Tube and bus services running until September.Transport for London (TfL) has secured £1.6bn in emergency funding to keep Tube and bus services running until September.
Mayor Sadiq Khan had warned the body was close to running out of money. Under the bailout's terms, London mayor Sadiq Khan is expected to restore a full Underground service as soon as possible.
But shortly after Transport Secretary Grant Shapps said he was "optimistic" of finding a solution the deal was announced. He is also understood to have offered a 1% above-inflation fare rise in future.
Mr Khan had urged the government to provide support or risk TfL running out of money.
BBC London Political Editor Tim Donovan said other measures agreed include:
The BBC has been told a £500m loan agreed with the Department for Transport forms part of the total.The BBC has been told a £500m loan agreed with the Department for Transport forms part of the total.
Speaking at Thursday's Downing Street press briefing, transport secretary Grant Shapps said: 'We don't know what the long-term will be. Speaking at Thursday's Downing Street press briefing before the deal was announced, Transport Secretary Grant Shapps said he was "optimistic" of finding a solution.
"We don't know what the long-term will be.
"But in the short-term trains and buses will continue to run.""But in the short-term trains and buses will continue to run."
If no deal was reached, TfL said, it would have to publish an unbalanced budget under the requirements of the Local Government Act. TfL had said it would have been forced to issue a Section 114 notice - the equivalent of a public body going bust - if no deal had been reached.
It would also have been forced to issue a Section 114 notice - the equivalent of a public body going bust - which would ban it from spending any new cash. It costs £600m a month to keep the network running on its current reduced service.
Analysis The lockdown has led to a 95% cut in people using the Tube compared to this time last year.
By BBC Political Editor Tim Donovan The number of bus passengers has also dropped, by 85%, and customers no longer have to tap-in to pay for rides as part of measures to protect drivers.
The government bailout comes with conditions - the mayor is expected to restore a 100% Tube service as soon as possible. Most TfL services are still running, but 7,000 staff - about 25% of the workforce - have been furloughed to cut costs.
He is also expected to carry Stay Alert advertising on the transport network, report staff absenteeism rates to civil servants and allow government officials to attend TfL board meetings.
There will also be a longer-term review of TfL finances.
Sadiq Khan is understood to have offered to raise fares by one percent above inflation in future - a pledge he had made for the Tube during the campaign for this year's mayoral election which has now been deferred by a year.