The UK government has agreed to a new £250 million funding package for Transport for London (TfL) in 2024. According to statements from Rail Minister Huw Merriman, the investment will support upgrade projects like new Piccadilly line trains.

Merriman said: “We’re investing in transport across the country and today’s agreement will have a tangible, positive impact not just for people travelling in and around the capital but also the millions who visit every year.

“It is fair for Londoners and taxpayers, underpinning projects that will support hundreds of skilled manufacturing jobs in our vital rail sector.

“We have invested billions into the capital’s transport system in recent years. This investment must be well managed in a way that doesn’t unfairly burden the pockets of taxpayers and motorists.”

TfL Commissioner Andy Lord acknowledged the package but said they will reassess their business plan to address continuing budget shortfalls. Lord commented TfL is nearing day-to-day financial stability after cost reductions. However, he added that stakeholder support for capital investments remains vital.

The Department for Transport said total pandemic support for London transport now tops £6.4 billion. Under previous deals, funding maintained major upgrade projects while increasing bus service priority.

As part of the agreement, TfL will outline plans in July to maintain finances over the long term. DfT said it will keep engaging with TfL on wider capital plans going forward.