A SHORT statement released on June 24 by TfL announced the extension of the previous funding agreement until July 13. However, the public exchanges between Grant Shapps, Secretary of State for Transport and Mayor of London Sadiq Khan at the end of June betrayed the simple truth that negotiations were becoming increasingly protracted and hostile.
Unlike other capital cities across the world, TfL’s model of funding relies heavily upon daily passenger income to fund services and investment. In the weeks prior to the anticipated refunding agreement