New London transport funding deal secures the long-term future of keeping the capital's Tube trains, railways, buses and trams running.
Talks between the government and TfL have been continuing for weeks amid repeated rows over funding and the cause of TfL's financial issues.
He said: "The government is still leaving TfL with a significant funding gap, meaning we will likely have to increase fares in the future and still proceed with some cuts to bus services. For his part, the mayor has become ever vigilant to a "levelling up" agenda, which he sees as punishing the Labour-inclined capital - excluding it from pots of government money going to other parts of the country, and ramping up the rhetoric around its past favoured status.
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