TfL slammed for revealing Government bailout details early in ‘breach of faith’ as row rumbles on

A spokesperson for the Mayor denied any wrongdoing. “At no point did the Department for Transport ask City Hall to wait until a specific time before commenting on the funding deal.

“The announcement was therefore made strictly in line with market disclosure obligations to inform TfL’s international lenders and bond investors at the earliest opportunity, as had always been TfL’s intention. Anyone who is upset about the timing needs to take it up with the Government.”

Robert Largan, the select committee member who had raised concerns with Mr Shapps, said: “As a member of Parliament’s Transport Select Committee, I was concerned to see news about a taxpayer bailout emerge via a tweet from the Mayor.

“Announcements on this scale should be made to Parliament first by Ministers, but the Mayor’s behaviour shows a total contempt for Parliament; made all the worse by this being market-sensitive news.”

The High Peak MP said his own constituents were contributing to the bailout and asserted: “I’m shocked by disrespect the Mayor has shown to Parliament. I know that many of my colleagues share this concern and we are calling for an apology to Parliament.”

The affair took a new twist when Mr Khan’s Tory opponent in next year’s mayoral contest, Shaun Bailey, claimed the Mayor of London could face an “unlimited fine” for leaking embargoed information.

Mr Bailey has sent a letter to Regulatory Complaints at the London Stock Exchange asking it to investigate what he claimed was “a clear breach of the Market Abuse Regulation. “The information had the potential to significantly affect the price of TfL securities,” he wrote.

Responding to Mr Bailey, a London Labour official said:  “This is complete nonsense from the Tory mayoral candidate. TfL followed all legal advice and made the announcement strictly in line with market disclosure obligations.”

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