With the local election period over and Sadiq Khan marking 10 years as the Mayor of London, he has released a surprise announcement regarding transport fares.
Press release by the Greater London Authority:
Press release by the Greater London Authority:
For the first time in five years, TfL fares are set to rise by 2.6% as part of the government’s requirement for TfL’s funding deal.
From London Mayor news release
• The Mayor has already confirmed fares will rise by RPI+1 (2.6 per cent) overall across all services as a condition of the emergency TfL funding deal made with the Government, but Sadiq has kept some single pay as you go Tube, DLR, London Overground and TfL rail fares unchanged.
• Bus and tram ‘Hopper’ fare - introduced by the Mayor and allowing unlimited journeys within an hour - will increase by just 5p to £1.55, the smallest increase possible and keeping the fare one of the best value in the country.
• This rise –from 1 March 2021 – follows five years of frozen TfL fares set by the Mayor.
• Details announced as TfL publishes plan setting out the level of Government funding required to place its finances on a sustainable footing, after fare income was decimated by the pandemic.
As part of TfL’s funding deal with Government in October 2020, the Mayor was required to increase fares under his control in order to deliver an overall fares rise of 2.6 per cent (RPI+1).
Since the number of Coronavirus cases in the UK are falling and lockdown measures are easing, TfL have drawn up plans to reinstate front door boarding to increase revenue, whilst also imposing limits on the number of passengers using the bus.
TfL has recently announced that they are restoring fare payments on London buses as part of the funding and financing package provided by the UK Government to keep London Transport services running.