Sadiq Khan freezes TfL fares after drumming up extra £123m
Tube and rail fares will be frozen until March 2025 after Mayor Sadiq Khan drummed up an extra £123m in funding for Transport for London (TfL).
The new fare levels will be 14 per cent lower than if they had risen in line with National Rail fares, with potential savings of up to £90 per year.
National rail fares are rising 4.9 per cent this year. Some fares could still increase, such as travelcards and a number of routes outside Zone 6, which are set by the Department for Transport (DfT) as a result of historical agreements.
Khan has the final say on proposing ticket prices on TfL’s network each year. He had previously frozen fares between 2016 and 2021, prior to restrictions imposed on the body by the government’s funding conditions during the pandemic.
In a statement, the Mayor 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 is the fifth fares freeze I’ve done since becoming Mayor, making transport in our city 21 per cent cheaper than it would have been had fares risen by inflation. This shows that whenever I can freeze fares, I do so.”
The Mayor’s office said record numbers of people were now using pay as you go as an alternative to travelcards, meaning the vast majority of Londoners would benefit from the decision to freeze fares.
The Mayor’s office said single and return paper fares on TfL services will also be frozen, while buses and trams will avoid a potential 10 per cent hike.
The decision comes as passenger traffic edges closer to pre-pandemic levels after a consistently chequered recovery.
TfL has faced a funding cliff edge ever since the pandemic wiped out passenger numbers. The operator received £250m from the government as part of the Autumn Statement but this was half of the £500m it wanted.
Neil Garratt, City Hall conservatives leader, said: “Let’s be clear, Sadiq Khan is temporarily freezing TfL fares to try to buy the votes of Londoners.”
“Facing an election in May, the Mayor has miraculously found £123m from his magic money tree to freeze fares for one year. Londoners are no fools. They will see this fare freeze as a desperate bid by a failing Mayor to win their vote. When it comes to money, you really can’t trust anything Sadiq Khan says.”
But business groups and London’s retail scene welcomed the news.
Muniya Barua, deputy chief executive of BusinessLDN, said: “The decision to freeze fares during a cost-of-living crisis will come as a relief to Londoners. Affordable fares are vital for getting more people onto public transport and encouraging more hybrid workers back into the capital, particularly on quieter Fridays.”
Dee Corsi, chief executive of the New West End Company, said the West End had benefitted from recent investments into transport infrastructure such as the Elizabeth Line, but these would only show returns “if the public can afford to make use of it.”
“We therefore welcome the Mayor’s decision to freeze fares for another year – a move which will benefit workers, shoppers and international visitors alike.”