By Marcus Leach

The Mayor of London, Boris Johnson, has confirmed that from January 2012 fares across London's transport network will rise by 7%.

The above inflation rises are, according to Mr Johnson, necessary in order to maintain investment throughout the network.

Fare changes include:

- The Oyster pay as you go fare on the buses will rise by 10p to £1.40
- Oyster pay as you go fares on the Tube will rise between 10p and 30p
- Cash fares on the Tube will increase between 30p and 40p
- London Travelcard season ticket prices will rise by rise by 8%

"'I understand that any increase in tough times is difficult," said Mr Johnson.

"This is a package that has sought to balance the needs of today's passengers whilst ensuring we continue apace with plans to overhaul London's transport system in the face of unprecedented demand."

Mr Johnson tried to justify the decision to increase fares by such a large amount, but his reasons may well be falling on deaf ears.

"Despite some of the toughest economic times in living memory, I have secured unprecedented levels of investment for London's transport network totalling £12bn over my four year term of office," he said.

"Not since the days of our Victorian forefathers has there been improvements of this scale which includes upgrades and capacity increases ahead of 2012 and beyond to Crossrail. At the same time, we are focusing as never before on providing value for public money by committing to find significant savings of £7.6billion at Transport for London, over two thirds of which have now been secured.

'Income from fares is vital to ensure the on-going health of London's transport network, keeping services running for the billions of passengers who rely on them day in, day out. This is a fares package that continues my aim to put Transport for London's finances on a steady footing, moving us away from the boom and bust approach undertaken by my predecessor when we saw a succession of draconian increases and knee-jerk, unaffordable pre-election freezes."

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