The Greater London Authority (GLA) transport grant for 2007-08 has today been determined by my right hon. Friend the Secretary of State for Transport at £2,520.5 million, following consultation with the Mayor of London. This is a block resource grant provided by the Government to Transport for London (TfL) to support and improve transport services in London, including London Underground.
This grant determination is based on the Government’s five-year settlement for TfL of £2,544 million which was announced in July 2004, and includes a further £10.5 million for road safety partnership funding in London. Some £34 million of capital funding, which was included in the five-year settlement, will now be paid to TfL through a separate grant.
The GLA transport grant for 2006-07 has also been re-determined by my right hon. Friend at £2,390.305 million. This re-determination increases the Government’s grant this year to TfL by £1.305 million, reflecting additional funding for scoping work to make TfL’s Oyster estate interoperable with ITSO Smartcards of Oyster on National Rail and TfL’s urban bus challenge projects in 2006-07.