Transport Briefing today reports that the Government has agreed a ten-year £33bn funding package for London transport, which will cover the introduction of CrossRail, and preparations for the Olympics.
In addition, the Government has given TfL a further £2bn to cover the costs of the Metronet failure. Reports the Guardian :
The Department for Transport yesterday agreed to pay off the debt owed by Metronet, the company charged with a £17bn upgrade of the tube network, which collapsed into administration last year. Transport for London, the organisation that runs the network on behalf of the London mayor, was liable for Metronet's borrowings and faced having to cut back on important maintenance work if it was left with the bill. The DfT said yesterday it would meet the £1.7bn cost of settling Metronet's debts, plus a further £300m to cover its administration costs.