A long-term funding proposal made to Transport for London (TfL) is the Government’s “final offer”, according to Transport Secretary Grant Shapps.

The capital’s transport body has been reliant on money from the Government to keep services running during the coronavirus pandemic.

The latest short-term funding agreement expires on Thursday.

Mr Shapps wrote on Twitter: “I’ve offered TfL a settlement that supports £3.6 billion worth of projects, matching the Mayor’s own spending plans from 2019.

“This is our final offer which more than delivers for London while being fair to UK taxpayers.”

Mayor of London Sadiq Khan said: “Late last Friday, TfL received a long-awaited proposal for a funding settlement from the Government.

“It is important that this offer is thoroughly reviewed in order to understand its impact on Londoners and the wider economy, and this is why TfL has asked for a short-term extension to the current funding deal.

“TfL needs to consider if this draft proposal delivers the funding that is needed to avoid having to make painful cuts to London’s transport network.

“It’s in no-one’s interest to have conditions attached to this funding deal which could damage TfL, unfairly punish Londoners or our economic recovery.”