TRANSPORT for London (TfL) will receive around £1.7billion to cover bus and Tube services for the period of October 18-March 31, 2021.
This follows negotiations between TfL and the Department for Transport for a further funding and financing support package.
The 11th-hour funding deal, concluded on October 31, is in addition to a funding settlement of £1.6bn earlier in the year.
It will help TfL address its on-going shortfalls in revenue following the massive downturn in passenger numbers as a result of the coronavirus pandemic.
TfL is predicting a shortfall of about £2bn for the second half of 2020/21.