The Mayor of London, Sadiq Khan, announced bold action to freeze TfL fares this year, to support Londoners struggling with the cost of living and recovery from the pandemic.

Khan is proposing £123m of additional funding to TfL, identified as part of the GLA budget setting process, to freeze fares until March 2025.

If TfL fares had increased in line with national rail fares, they would have increased by 4.9 per cent this year alone says the London Assembley.

Previously the Mayor froze TfL fares from 2016 until 2021, before the restrictions imposed on TfL by the Government's funding conditions during the pandemic. 

Record numbers of people are now using pay as you go as an alternative to travelcards, with 80 per cent of Tube journeys and 74 per cent of bus journeys now made using pay as you go.

Sadiq Khan 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 per cent cheaper than it would have been had fares risen by inflation. This shows that whenever I can freeze fares, I do so.   

Khan added: "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."  

Shashi Verma, Chief Technology Officer at TfL, said: "Millions of people travel using bus, Tube and rail services across London and delivering the Mayor's fares freeze will help encourage more people across London out of their cars and onto public transport.

"It will also support overall economic growth and improved social wellbeing across the city.

"Our latest figures show that pay as you go ticketing is now more popular than ever and we continue to work across London to help make travel more convenient for all."  

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