By Maximilian Clarke

London’s Mayor Boris Johnson has today announced modest price rises to London Transport fares, subsidised by a £136 million government investment.

The lower than planned rise in fares will be entirely paid for by the additional funding provided by the Government and comes at no cost to TfL. This means there will be no impact on TfL’s huge programme of investment in London’s transport network or on essential frontline services.

As with any fares packages, some fares will go up by slightly more than RPI plus one per cent, and some slightly less. The single Oyster Pay as You Go (PAYG) bus fare now rises by just 5 pence, or only 3.8 per cent. The Weekly Bus Pass now rises by one pound, or 5.6 per cent. Average Tube fares will rise by RPI plus one per cent (6 per cent). Some Tube fares in outer London will now be frozen at 2011 levels, while others — Oyster PAYG peak zones 2-5, 3-6 and 2-6 — will rise by only 4 per cent, less than inflation.

All Travelcards and Oyster PAYG caps will benefit from the lower rise in 2012. The Day peak zone 1-4 Travelcard and cap initially planned to rise by 8 per cent will now rise by 6 per cent and the 7 Day zone 1-2 Travelcard has been held down from an 8 per cent increase to only 5.8 per cent.

All free and concessionary travel for older people, students, Veterans and disabled Londoners remains protected in full, which means that 40 per cent of bus passengers will continue to travel free or at a substantial concessionary rate. The average bus fare per journey, including concessions, will be around 60p, compared to an average typical bus fare of around £1 in other UK cities.

The Mayor of London, Boris Johnson, said: “Every penny of this cash injection will go towards keeping fares as low as possible. That is very good news in the current economic climate and even better the unprecedented level of investment to improve London’s transport network will continue unabated.”

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