Bus and tram fares across London will remain frozen throughout 2024, offering relief to millions of daily commuters as the cost of living crisis continues to squeeze household budgets. Transport for London (TfL) confirmed the freeze marks the first time since 2016 that these fares have stayed unchanged for a full year.
However, Tube, DLR, London Overground, Elizabeth Line and IFS Cloud Cable Car fares will rise by an average of 4.9% from Sunday, 3rd March. The increase matches the national rail fare rise announced by the Government and remains below September's inflation rate of 6.7%.
The split approach reflects TfL's balancing act between supporting affordability and maintaining financial sustainability. Buses and trams serve crucial roles for shorter journeys and local community travel, making the freeze a targeted measure to help those on lower incomes.
Mayor Sadiq Khan said the fare freeze would put money back into Londoners' pockets, supporting families facing economic challenges. The policy also aims to encourage public transport use, helping the capital's environmental goals by reducing private car dependency.
Despite the bus and tram freeze, overall network increases will generate additional revenue for TfL to fund operations and essential infrastructure improvements. The Mayor's office has consistently stressed the need for sustainable funding models to maintain London's transport network.
Commuters using mixed services - such as buses connecting to Tube stations - will still see overall journey costs rise despite the bus fare freeze. Individual impacts will vary depending on specific routes and transport modes used most frequently.