Updated  2 Aug.22  07.10

The Mayor of London is considering a long-term funding offer to Transport for London from the government, and although no details have been released, it is reported to be worth around £3.6 billion.

An early decision is crucial because the latest in a series of short-term settlements to keep TfL going will expire in one day from now (Wednesday), while the RMT is urgently demanding details if a forthcoming strike is to be averted.

The RMT has announced a London Underground strike on 19 August, and the union has set a deadline of tomorrow for TfL to reveal the implications of the proposed settlement.

RMT general secretary Mick Lynch said: ‘Our members will once again take to picket lines in this important dispute over pensions, jobs and conditions.

‘They have been messed around by TfL and Mayor Sadiq Khan. And to add insult to injury they have not seen the detail of this funding letter from government.

‘Unless there can be assurances made about jobs, pensions and detrimental changes to working conditions, then our strike on August 19 will go ahead.’

The Mayor is still considering the terms of the government’s offer.

Sadiq Khan said: ‘I do welcome the fact the government have listened to our calls which we’ve been making for months now to provide a capital offer – and I will read that very carefully. Crossrail 2 would have a similarly transformative effect north/south to that which Crossrail 1 – the Elizabeth Line – has already had east/west. We want to progress those schemes – and obviously, that takes money.’

TfL was self-funding until the Covid-19 lockdowns reduced fares income drastically from March 2020, and has been managing on a succession of short term funding settlements.