Sadiq Khan increases fares in London by 5 percent

The Mayor of London has announced a price increase for rail and bus services in the capital in a bid to bail out struggling TfL services.

London Mayor Sadiq Khan announced today that fares across London’s transport network will increase by 4.8 per cent from March 1st. The fare increase is in line with conditions imposed on TfL under a short-term funding agreement with the Government and will help make London’s transport network financially sustainable by 2023, Khan said.

“As TfL’s finances have been decimated by the pandemic, the Government has imposed strict conditions as part of the emergency funding arrangements to maintain essential transport services in London,” said Khan.

Tube fares within Zone 1 only are being increased from £2.40 to £2.50 for the first time in six years, while bus and tram fares are rising by 10p to £1.65. The daily fare cap increases by 30p to £4.95, the same price as three single journeys.

“We were forced into this position by the government and the way they continue to refuse to properly fund TfL, but I have done everything in my power to keep airfares as affordable as possible,” continued Khan gone.

TTfL’s government subsidy ended in 2019 and the company was forced to derive most of its revenue from fares and advertising – both of which fell sharply at the start of the Covid-19 pandemic.

The government has given Transport for London more than £4bn since the pandemic began. In December, Khan announced plans to increase London council tax by £20 a month and cut tube and bus services to help fill the network’s funding gap .

Continue reading: Sadiq Khan admits entire metro line could be shut down if government doesn’t come up with TfL emergency money