Recovering passenger levels and a real-terms reduction in running costs will help Transport for London reach an operating surplus a year after it agreed funding settlement with the government.
The government will take over day-to-day running of a rail service it said is vital to the northern economy, following months of disruption and regular cancellations.
Delivering the Euston terminus of HS2 will cost almost double its budget despite changes to the scheme aimed at reducing costs, the National Audit Office has said.
The “inefficient” competitive bidding processes for transport funding should be replaced with a block grant system to ensure improvements are made, a House of Lords Committee has said.
A government-imposed savings target could lead to “unacceptable” cuts to pension benefits at Transport for London, which faces the threat of further industrial action if such cuts were to happen.
Boris Johnson’s ministers rushed out a series of announcements that will impact on local government finances in the final three days of his leadership.
Failing to agree a new funding settlement with the government could leave Transport for London at risk of issuing a section 114 notice and having to stop all non-essential spending, its finance...
Network Rail could be forced to make yearly cuts of around £100m in maintenance spending up to 2023-24, leading to a reduction in services and greater safety risks for passengers,...
The Financial Reporting Council is set to investigate the financial statements of a transport operator, after the company was at the centre of an accounting scandal.
Transport for London has agreed a new three-month £200m funding package with the government, to help keep services running while a long-term settlement is arranged.
The former operator of London and South Eastern Railway has returned £50m of funding overpayments to central government - more than £25m originally estimated.
The government has agreed to extend Transport for London’s support package until the end of this week, as the network seeks an agreement on a long-term funding settlement.
The government will take over day-to-day running of London and South Eastern Railway after the government sais that the company had failed to declare taxpayer funding.
Tensions are rising between central governemnt and a London authority over funding for repairs to Hammersmith Bridge, with transport minister Baroness Vere criticising the business case for...
The government will allocate a further £56m to tram and light rail services in England to help keep services running through the Covid-19 recovery period.
Covid-19 and work overruns will mean Crossrail will exceed its current funding envelope, the government spending watchdog said in a report released today.
Transport for London’s short-term outlook has been revised from negative to stable, due to government pledges to support the network's income pressures, according to ratings agency Standard and Poor’...
Five-year business plans by a new oversight body, Great British Railways, will inform government decisions on funding for the rail sector under a shake-up of the system announced by the government.
Local authorities would be barred from receiving additional funding for bus services if they fail to enter into an ‘enhanced partnership’ or franchise scheme with bus operators, under new proposals.
