Overview

• Chancellor Rachel Reeves confirmed a four-year, £2.2 billion capital settlement for Transport for London covering 2025–29.
• Transport commissioner Andy Lord said the deal will fund new Piccadilly line and DLR trains plus signalling upgrades on 40 percent of the Tube network.
• The settlement also paves the way for new tram fleets, talks over additional Bakerloo line trains and renewals of roads, tunnels and flyovers.
• No specific funding was allocated for the proposed Docklands Light Railway extension to Thamesmead or the Bakerloo line extension.
• Mayor Sadiq Khan called the omission disappointing and warned it risks undermining housing delivery and economic growth in London.