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Transport for London financial success allows planned bus fare increase to be cut by two thirds
Ken Livingstone, the Mayor of London, today announced the fares package for next year. As in previous years the new fare proposals are designed to encourage people to switch from cash to the Oyster card in order to speed up buses and reduce ticket queues at Tube stations. In many cases, Oyster pay-as-you-go bus and Tube fares will be half the cost of the same journey if you pay by cash. Cash use on buses has already halved over the last year.
Two years ago the Mayor announced that bus fares would rise by 10 per cent above inflation for three subsequent years to help fund the biggest investment programme on London transport since the war. This year he has announced that the third increase has been reduced from 10 per cent to just 3.8 per cent above inflation. This is possible because Transport for London’s finances have been boosted by better management and big efficiency savings, including new advertising contracts.
The fares proposals will also help families with free travel on buses for all under-18 year olds in education, free Tube and DLR travel for under-11 year olds from Easter 2007 and a 50p Oyster fare for all under-16s on the Tube.
Ken Livingstone said today:
‘Two years ago I announced tough measures to ensure London's public transport system received the investment it required. This has been a success - bus ridership is now up two million a day on six years ago, tube ridership is near record levels, investment in public transport has risen to the highest level for fifty years even before the big improvement programmes for the Olympic Games kick in. Surveys show passengers believe transport has been improving.
‘But alongside that Transport for London has also been achieving financial success through major efficiency savings and greatly increased advertising revenue. Due to this I am pleased to announce that the original third 10 per cent fares increase needed to fund the investment programme can be cut by two thirds.
‘We will also freeze Oyster single fares on the Tube and help families with free travel for all under-18 year olds in education, free Tube and DLR travel for under-11 year olds from Easter 2007 and a 50p Oyster fare for all under-16s on the Tube.
‘At the same time, the big differential between cash and Oyster card fares is designed to speed up the system by getting people to switch from cash to Oyster. I want to see every Londoner paying the lowest possible fares by switching to Oyster.’
On the buses:
On the Tube:
There was also further good news on the progress of Oyster. In addition to the roll out of Oyster on the North London Railway once TfL take over in November 2007, the train operating companies now plan to introduce zonal fares from January 2007. This will result in a single, transparent set of fares that will apply on all National Rail services in London. As well as simplifying fares for passengers this paves the way for introducing Oyster pay as you go on rail London-wide.
Since the last fares announcement in September 2005, TfL’s investment programme has delivered a number of major improvements, including: better bus services, the DLR City airport extension, 17 percent extra capacity on the Jubilee line, a re-built Wembley Park station, new ticket halls at King’s Cross station and the start of work on the East London line extension.
Notes to Editors
For media enquiries please call Matt Brown in the Mayor’s Press Office on 020 7983 4716.
For out of hours media enquiries please call 020 7983 4000.
For non-media enquiries please call the Public Liaison Unit on 020 7983 4100.
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