Press Release

RIA responds to two-week extension for TfL funding

4 February 2022

The Railway Industry Association's (RIA) responded to the announcement that Transport for London's funding deal has been extended by two weeks. 

Darren Caplan, Chief Executive of the Railway Industry Association (RIA), commented: “It is frustrating to see yet another short-term extension announced today, which is really a sticking plaster solution rather than a long-term programme to invest in London’s transport system.

“Hundreds of businesses across the UK, including those which maintain and upgrade the capital’s rail and tube network, will still not be able to plan and invest in skills and capabilities due to the uncertainty over future funding and the status of key railway projects. And lack of certainty and visibility of projects means a poorer deal for the taxpayer too.

“Just this week TfL confirmed that without a long-term deal, several vital upgrades will be paused or cancelled and that they face a funding gap in the coming years. All this at a time when passengers are clearly returning to the network to return to workplaces, visit friends and family, and enjoy hospitality.

“We hope that a multi-year deal can be agreed as soon as possible between the Government and Mayor of London. This will ensure London’s railway and tube systems can continue to provide cost-effective, sustainable transport for millions of people and drive economic growth both in the capital and around the country.”
 
 
Notes to Editors

 

  1. TfL's statement can be seen here.

  2. About RIA: The Railway Industry Association (RIA) is the voice of the UK rail supply community. We help to grow a sustainable, high-performing, railway supply industry, and to export UK rail expertise and products. RIA has 300+ companies in membership in a sector that contributes £43 billion in economic growth and £14 billion in tax revenue each year, as well as employing 710,000 people. It is also a vital industry for the UK’s economic recovery, supporting green investment and jobs in towns and communities across the UK; for every £1 spent in rail, £2.50 is generated in the wider economy. RIA’s membership is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number). www.riagb.org.uk

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