In a move signalling an election campaign must be under way, Sadiq Khan has announced a freeze to most Tube and bus fares. The Mayor of London said that pay-as-you-go fares, which represent roughly 80 per cent of Tube journeys and nearly 75 per cent of bus journeys, will remain unchanged until March 2025. Fares had been expected to rise in line with those for national rail, set at 4.9 per cent.
How can apparently cash-strapped Transport for London afford this? The fares freeze is being funded with £123 million from City Hall’s budget after the Mayor was the beneficiary of a more than £500 million windfall, driven by higher-than-expected business rates receipts and reserves.
