Diageo, which owns Guinness and Johnnie Walker, and travel search engine Kayak are among the companies that have footed the bill for free New Year travel in the past. When a sponsor has not been found, TfL has funded the cost.

TfL said Tube services will still run through the night this year.

A spokesman said: “Following the catastrophic impact of the pandemic on TfL’s finances, TfL unfortunately will not be able to offer free travel on New Year’s Eve.

“Services on the transport network will run through the night, ensuring that people can enjoy everything London has to offer and get home safely.”

A Government spokesman said: “We have repeatedly shown our commitment to supporting London’s transport network through the pandemic, providing more than £4bn in emergency funding to Transport for London.

“We will continue to discuss any further funding requirements with TfL and the Mayor, and any support provided will focus on getting TfL back onto a sustainable financial footing in a way that is fair to taxpayers across the country.”