The Government has extended its emergency funding for Transport for London (TfL) until February 18.
TfL issued a statement on Friday (February 4), when the original extension to emergency Government funding was due to end, saying it hoped the extra time would give it chance to conclude discussions and reach an agreement.
A TfL spokesperson said: "We continue to discuss our funding requirements with the Government.
“There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital.
“It is essential London receives the sustained long-term Government funding that is vital for the coming years if a period of 'managed decline' of London's transport network is to be avoided.”
The spokesperson added: "Working together, we must achieve a longer-term capital funding settlement for at least three years, that ensures London's transport network can remain reliable and efficient, can support the jobs and new homes that rely upon it and can support the economic recovery of the capital and the country as a whole. We hope these discussions can be concluded successfully soon.”
The funding update comes after the Mayor of London, Sadiq Khan, and TfL revealed proposals for the expansion of the ultra-low emission zone (ULEZ) to include Greater London and higher charges for all but the cleanest vehicles ahead of a possible road pricing scheme for the capital.
The bailout, which provided financial support for the hard-hit transport authority until December 11, followed two emergency support packages agreed in April and October 2020, and took Government support to TfL since March 2020 to more than £4bn.