Sadiq Khan has been told to be “open and transparent” with Londoners about whether they face an inflation-busting fares hike next year.
Transport Secretary Louise Haigh told the mayor last month that future funding for Transport for London would be judged on the basis that Tube and train fares in London rise in line with national rail fares.
Train fares are due to rise by 4.6 per cent in March 2025, according to details sneaked out in the Government’s Budget documents.
This is more than double the UK’s current rate of inflation, which was 1.7 per cent in September.
Mr Khan introduced a partial fares freeze in March 2024 - rather than increasing them in line with the then national rail fares hike of 4.9 per cent.
But he said at the time that he could not guarantee holding any fares at current rates beyond March next year.
His 2024 election manifesto said that the fares freeze would continue "as long as economic conditions allow”.
Now the London Assembly has called on the mayor to “be clear” in his proposed 2025-26 budget as to whether there will be an increase in TfL fares.
Neil Garratt, Tory chairman of the assembly’s budget committee, said: “The mayor has a substantial budget of over £21 billion, so it is essential that he is open and transparent with Londoners on how that money is being spent.
“Londoners need to know whether to expect a fares increase, which has been hinted at in the Government’s recent TfL funding settlement.
“Financial uncertainty remains, and it is important the mayor takes on board our recommendations ahead of his upcoming budget.”
TfL was awarded £485m for capital spending – or “big ticket” projects – in the October Budget.
But this included £220.5m for 10 new Elizabeth line trains that had been announced by the previous Tory government on June 14.
This means TfL is in line for £264.5m of extra capital funding in the next financial year.
In a letter to Mr Khan setting out the funding deal, Ms Haigh said that the Government’s “assessment of TfL funding needs in Phase 2 of the Spending Review will be conducted against a baseline scenario where TfL rail fares rise in line with national rail fares this year”.
Separately, TfL has warned that its fares revenue is falling behind target because the number of commuters heading back to the office appears to have flatlined.
The committee also said that TfL should prioritise work to improve bus speeds. Average speeds have fallen to 6.6mph in parts of central London, according to London TravelWatch.
The assembly said the failure to address “worsening journey times” would deter passengers and reduce fares income.
It also raised concerns about any “logistical challenges” to TfL converting all 9,000 London buses to zero-emission, such a difficulties converting bus depots to being able to charge a fleet of electric buses.
Mr Khan is due to publish his draft budget by the end of the year – though this is unlikely to include details about any fares increases.
His final budget is due to be published on February 12 next year.
A spokesperson for the mayor said: "Once a final decision on the 2025 budget and fares package has been made, this will be published as per usual.”
