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Transport for London services could be slashed to a bare minimum within days if ministers do not sign off a new funding deal. A deadline of Wednesday last week (August 3) passed for TfL to accept a £3.6 billion funding agreement with ministers to avoid mega-cuts to the network and a "managed decline" scenario as infrastructure crumbles. The transport network is still awaiting a reply from ministers to its response after concerns the strings attached were too strict.

Speaking to MyLondon, Mayor Sadiq Khan said TfL is now running on its reserves - which stand at little over a month's worth of service operations. Mr Khan said: “It’s no secret that we’re talking about [a matter of] days in relation to TfL’s ability to carry on operating the services it’s providing, without the additional support from the government.

A new £3.6bn government bailout to keep Tube trains, railways, buses and trams running in London has been agreed.

The package includes almost £1.2bn of upfront funding for Transport for London (TfL) to secure the long-term future of the capital's transport network.

It is the sixth bailout for TfL after its revenues plummeted in the pandemic.

The funds will allow Piccadilly line trains to be built as well as upgrades to three Tube lines.

TfL Commissioner Andy Byford described the deal as "hard won" but Mayor of London Sadiq Khan, who is also chair of TfL, branded it "far from ideal".

Mr Khan also warned of increased fares, just two weeks after Londoners were warned of potential Tube and bus fare rises of up to 14% next year.

Transport Secretary Grant Shapps said the deal, which lasts until 31 March 2024, "more than delivers for Londoners".