The mayor of London, Sadiq Khan, has announced a price freeze on fares for Transport for London (TfL) services, which he said will last until at least March 2025.
TfL fares were expected to rise in conjunction with the announcement that National Rail fares would increasing 4.9% 3 March 2024. An additional £123m in funding for the TfL has been proposed by the mayor to account for the lost revenue.
The price freeze will potentially save Londoners £90 per year on travel.
Previously, the mayor froze TfL fares from 2016 until 2021, before the restrictions imposed on TfL by the UK government’s funding conditions during the pandemic.
New analysis shows that TfL fares set by the mayor in 2024 will be 14% lower than if they had risen in line with National Rail fares, and 21% lower than if they’d risen in line with RPI since 2016.
Sadiq Khan, mayor of London, said: “The cost-of-living crisis continues to hit Londoners hard. That’s why I’ve decided to step in again to freeze TfL fares.
“Not only will this put money back in people’s pockets, making transport more affordable for millions of Londoners, but will encourage people back onto our public transport network. This will help to boost London’s culture, retail and hospitality sectors.
“While people across the country face another hike in their rail fares, I simply wasn’t prepared to stand by and see TfL customers face a similar hike.
“This is the fifth fares freeze I’ve done since becoming mayor, making transport in our city 21% cheaper than it would have been had fares risen by inflation. This shows that whenever I can freeze fares, I do so.
“As we continue building a fairer, greener and more prosperous London for everyone, making public transport more affordable and appealing will continue to be a key part of my plan.”
Single and return paper fares on TfL services will also be frozen this year, to ensure that those who prefer to travel without using pay as you go and use single/return tickets are not excluded from the fares freeze.
Achievements and innovations in public transport planning will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at the De Vere Grand Connaught Rooms in London. Nominations officially open in March 2024. Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector.