The Mayor of London, Sadiq Khan, has announced that Transport for London fares will freeze this year. The Mayor is proposing £123 million of additional funding to TfL, identified as part of the GLA budget setting process, to freeze fares for a whole year at a crucial time when Londoners are being hit by inflated food costs and soaring energy bills.
New analysis shows that TfL fares set by the Mayor in 2024 will be 14 per cent lower than if they had risen in line with National Rail fares, and 21 per cent lower than if they’d risen in line with RPI since 2016.
If TfL fares had increased in line with national rail fares, they would have increased by 4.9 per cent this year alone, but the Mayor’s decision to freeze TfL fares will put an estimated £123 million back into the pockets of Londoners.
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. This means that the vast majority of Londoners will benefit from the Mayor’s decision to freeze fares again.
Example savings as a result of the Mayor’s latest fare freeze (assuming that fares set by TfL would have increased by four per cent as per its Business Plan assumptions):
Someone commuting from Southall to a Zone One station, like Bond Street on the Elizabeth line, four days a week will avoid a potential 20p increase to their Zones 1 to 4 peak single PAYG fare, saving up to £72 a year on their commute alone
Someone commuting from Harrow-on-the-Hill to a Zone One station, like Baker Street on the Metropolitan line, three days a week will avoid a potential 20p increase to their Zones 1 to 5 peak single PAYG fare, saving up to £54 a year on their commute alone
Someone commuting from Hornchurch to a Zone One station, like Westminster on the District line, five days a week will avoid a potential 20p increase to their Zones 1 to 6 peak single PAYG fare, saving up to £90 a year on their commute alone
Buses are the most accessible, available and affordable form of public transport, with the Mayor’s Hopper fare continuing to offer Londoners unlimited bus journeys within an hour for just £1.75. Had the single bus and tram fare increased by 10p again, as was the case for the last two years to ensure TfL complied with the requirements of the government’s emergency funding settlements, someone making a return bus journey every weekday, which did not benefit from the Hopper fare, would have to pay an extra £50 over the course of a year.
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.
The Mayor of London, 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.
“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.”
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; “In the last 18 months, the West End has benefited greatly from investments into transport infrastructure – most notably the opening of the Elizabeth Line, which has seen Tottenham Court Road become the second busiest underground station in London. Of course, this infrastructure investment will 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. Ensuring the West End, and London, remains moving is critical to future growth, and a key component of what makes the capital one of the most vibrant cities globally.”
Paul Tuohy, Chief Executive of Campaign for Better Transport said: “This is good news for the millions of Londoners and visitors who use TfL services to travel across the city. Affordable public transport will not only help people with the cost of living, but it will also help with the fight against climate change, after the planet’s warmest year on record.”
Michael Roberts, CEO of London transport watchdog London TravelWatch, said: “London’s public transport services are among some of the most expensive in the world, so the fares freeze will bring some welcome relief to hard-pressed passengers.
“We hope there will be continued focus on making public transport in the capital more affordable over time, especially for lower-income Londoners.”
Photo credit: Transport for London
