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Future of British Business

Londoners to Fund £500 Million Bailout for Tube Network

London’s transport network will get £500 million ($567 million) in emergency financing after a rescue deal agreed with the government last month left a shortfall that threatened cuts to subway services.

The plan will see the Greater London Authority, which is part-funded through council tax, provide the facility to Transport for London out of its own working capital and cash reserves, Mayor Sadiq Khan said in a statement Wednesday.