London’s mayor Sadiq Khan has announced he is freezing Transport for London (TfL) fares until March 2025 as part of a £123m investment in the capital’s transport services.
Sadiq Khan’s office says people could save up to £90 a year under the plans. It comes weeks after the government stepped in with £250m to plug a TfL funding gap, reports the BBC.
Under the proposals, single and return paper fares on TfL services will also be frozen this year.
It follows an announcement by the government of an additional one-off funding boost of £250m for 2024 to address a funding shortfall.
The Department for Transport (DfT) had said the spending package would be used by TfL for projects such as providing new Tube trains for the Piccadilly line.
It also comes in the same month the mayor offered to provide “additional funds” to increase TfL’s 5% pay offer for staff – which had contributed to a cancellation of planned strikes by unions.
Mr Khan previously froze TfL fares between 2016 and 2021 and his office said freezing TfL fares again was “a key part of the mayor’s programme to support Londoners through the cost-of-living crisis”.
Mr Khan said: “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.
“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. 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.”