London Mayor Sadiq Khan has announced an extension of the fare freeze for Transport for London (TfL) buses and trams until November 2024. This move means commuters will continue to pay GBP 1.75 per journey, with a daily cap of GBP 5.25 for multiple bus and tram trips, avoiding a potential price hike.
The policy specifically targets low-income Londoners who predominantly use bus and tram services, which are often the only viable option in areas less served by the Tube network. By keeping fares frozen, the Mayor's office aims to make public transport more accessible and affordable amidst cost of living pressures in London and across the UK.
This extension is part of a broader strategy to support households struggling with rising expenses, and it marks a continued effort by the Mayor to keep costs down for millions of daily bus and tram journeys. However, other TfL services, such as the Tube and Overground, have seen fare adjustments in line with economic inflation and TfL's financial recovery plan.
While bus and tram fares remain frozen, the selective freeze highlights a targeted approach to affordability, focusing on transport modes deemed most critical for daily commutes by a large segment of London's workforce and residents. The Mayor's office states that this measure is designed to put money back into Londoners' pockets, enabling them to save on daily travel expenses.
The extension is expected to provide some stability for household budgets in a period characterised by economic uncertainty and high inflation rates, which continue to impact consumer spending power. It remains part of ongoing discussions about TfL's financial sustainability and its funding model, which relies on a combination of fares, government grants, and commercial revenues.