TfL Funding Deal Between Mayor and DfT

TfL Funding Deal Between Mayor and DfT

  • Funding secured for 6 months but mayor and TfL agree to self-financing with no government grant from April 2023
  • Assurances given of no job cuts or detriment to terms and conditions as a result of funding deal to April 2021
  • RMT pressing for assurances beyond April 2021

The regional organiser and I attended a meeting with TfL directors to hear details about the funding agreement with the Department for Transport (DfT) that has been made up to April next year.

The agreement is available in full from the link below.

The main elements are that TfL has been given funding to make up for the loss in revenue caused by the Covid pandemic but TfL has agreed to make an additional £160m of cuts in return. These additional cuts will come on top of over £400m of “savings” already implemented since April 2018.

TfL/LUL directors have assured us that they can make these cuts without the need for any job cuts or changes to terms or conditions of employment.

But the Mayor and TfL have agreed to make TfL self-financing by April 2023. There was already a further £300m of cuts planned between April 2021 and 2023 and RMT is writing to management for clarity on whether the commitment of self-financing could mean further cuts on top of the £300m.

RMT will be demanding a further assurance of no job cuts or detriment to terms and conditions for the whole of the current business plan up to April 2023.

In a separate but related development, management have warned us that they may be unable to meet any requirement to increase funding for the TfL pension scheme that could arise from a tri-annual actuarial review next March.

I will give a full report to the lead functional and Tier 2 safety reps on Friday and I will be speaking with the RO about convening a mass-members zoom meeting to report on these crucial issues ASAP.