The Mayor of London, Boris Johnson MP has announced a real terms fares freeze on Transport for London (TfL) services.
From January 2, fares on TfL services will rise by 1%, in line with the July Retail Price Index (RPI). A number of fares, including single bus fares, will be frozen completely. Travelcard season tickets will increase by slightly less than one per cent.
This represents the third consecutive real terms fares freeze. The revised changes to fares are expected to raise £43m a year for TfL – an increase of 1% which helps to cover operating costs.
TfL is increasingly covering its operating costs from fares and other income. It has cut costs by 15% while delivering a £16bn savings and efficiencies programme over the duration of its business plan to 2020/21. TfL also has ambitious plans to generate £3.4bn in non-fares commercial revenue by 2023 to reinvest in London’s transport.