Sat, 22 January 2022

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Rail industry responds to 'stopgap' TfL funding agreement

Railway Industry Association

2 min read Partner content

The Railway Industry Association (RIA), the trade body for the UK rail supply community, has responded to the news that a funding extension has been confirmed for Transport for London until February 2022.

Darren Caplan, Chief Executive at the Railway Industry Association (RIA), said: 

“Today’s funding extension will bring some temporary relief to businesses and passengers. The current situation is obviously difficult, with passenger numbers yet to return to pre-pandemic levels, and whilst we are confident numbers will return in the medium term, it is clear further immediate support is needed for TfL whilst fare revenue recovers.

“However, this is yet another stop-gap deal. What is really needed is a long-term funding settlement, similar to Network Rail’s five-year Control Period, which would provide the resources needed to steer London’s railways through the pandemic and ensure investment now for beyond Covid. Such certainty would enable businesses to invest - in what are challenging economic times - in the people, skills and capabilities needed to maintain and upgrade London’s rail and Tube lines, as well as to keep costs down for the taxpayer which only a visible and certain pipeline of work brings.

“Certainty of longer-term railway investment also supports a wider supply chain right across the country, which employs hundreds of thousand of skilled workers. So whilst we hope this short term extension enables the Government and TfL to deal with the current problems caused by the pandemic, we also need a multi-year deal to be agreed, to ensure the UK railway industry can not only continue to support sustainable public transport for millions of people in London, but also ultimately get better value for money for the taxpayer.”

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