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| Version 4 | Version 5 |
|---|---|
| Coronavirus: Transport for London secures emergency £1.6bn bailout | Coronavirus: Transport for London secures emergency £1.6bn bailout |
| (about 11 hours 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. |
| Under the bailout's terms, London mayor Sadiq Khan is expected to restore a full Underground service as soon as possible. | Under the bailout's terms, London mayor Sadiq Khan is expected to restore a full Underground service as soon as possible. |
| He has also agreed to increase bus and Tube fares by 1% above inflation. | He has also agreed to increase bus and Tube fares by 1% above inflation. |
| Mr Khan had urged the government to provide support or risk TfL running out of money. | 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 included: | BBC London Political Editor Tim Donovan said other measures agreed included: |
| 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. |
| A mayoral source said the government had "belatedly agreed financial support for TfL to deal with Covid-19 - as they have for every other train and bus operator in the country". | A mayoral source said the government had "belatedly agreed financial support for TfL to deal with Covid-19 - as they have for every other train and bus operator in the country". |
| "They have forced ordinary Londoners to pay a very heavy price for doing the right thing on Covid-19 by hiking TfL fares, temporarily suspending the Freedom Pass at busy times and loading TfL with debt that Londoners will pay for in the long run." | "They have forced ordinary Londoners to pay a very heavy price for doing the right thing on Covid-19 by hiking TfL fares, temporarily suspending the Freedom Pass at busy times and loading TfL with debt that Londoners will pay for in the long run." |
| Mr Khan's offer to raise fares by 1% above inflation goes against a pledge made during this year's mayoral election campaign. | Mr Khan's offer to raise fares by 1% above inflation goes against a pledge made during this year's mayoral election campaign. |
| In the run-up to the ballot, since deferred until 2021, he had promised "cost of living" increases in line with the Retail Price Index. | In the run-up to the ballot, since deferred until 2021, he had promised "cost of living" increases in line with the Retail Price Index. |
| 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 by the end of the day. | 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 by the end of the day. |
| London mayor Conservative candidate Shaun Bailey said the government had had to take control of the TfL board and its finances, adding: "The coronavirus highlighted existing structural flaws within TfL's balance sheet - the primary cause was our profligate mayor." | London mayor Conservative candidate Shaun Bailey said the government had had to take control of the TfL board and its finances, adding: "The coronavirus highlighted existing structural flaws within TfL's balance sheet - the primary cause was our profligate mayor." |
| What are the mayor of London candidates up to now? | What are the mayor of London candidates up to now? |
| TfL welcomed the emergency funding. | |
| London's Transport Commissioner Mike Brown, said: "We have worked closely with the government and mayor as part of the national effort to fight the virus, rapidly reducing passenger numbers to levels not seen for 100 years. | |
| "Enormous challenges remain, including agreeing longer term sustainable funding for transport in the capital. | |
| "In the meantime, we will continue to do everything in our power to help deliver a successful recovery for our great city." | |
| Manuel Cortes, general secretary of the TSSA transport union, said the funding would prevent services "coming to a halt". | |
| Mick Whelan, general secretary of the train driver's union Aslef, said: "It would have been a disaster for the capital, and the country, if the Tube network - and London buses - had stopped running." | Mick Whelan, general secretary of the train driver's union Aslef, said: "It would have been a disaster for the capital, and the country, if the Tube network - and London buses - had stopped running." |
| It costs £600m a month to keep the network running on its current reduced service. | It costs £600m a month to keep the network running on its current reduced service. |
| The lockdown has led to a 95% cut in people using the Tube compared to this time last year. | The lockdown has led to a 95% cut in people using the Tube compared to this time last year. |
| 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 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. |
| Most TfL services are still running, but 7,000 staff - about 25% of the workforce - have been furloughed to cut costs. | Most TfL services are still running, but 7,000 staff - about 25% of the workforce - have been furloughed to cut costs. |