London Transit Authority Secures $670 Million Emergency Funding
(Bloomberg) -- London’s transit authority secured a seven-week extension of an emergency funding agreement from the U.K.’s Department for Transport as discussions continue over long-term backing.
Transport for London will receive as much as 485 million pounds ($670 million) through May as part of a extraordinary grant and top-up payment, the authority said in a statement.
The transit system has seen ticket revenue plunge amid government-imposed lockdown measures including encouraging people to work from home. It had previously said it would shelve plans for a second cross-city rail link as part of the conditions for a bailout.
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