Bus and Tube fares are set to rise in London by an average of almost 5 per cent, meaning most will increase by either 10p or 20p.

Sadiq Khan today outlined changes coming into force from March 1, just the second time TfL controlled fares have increased since 2016.

Bus and tram single fares will increase by 10p to £1.65, and the daily cap will increase by 30p to £4.95, the same price as three single journeys.

Tube fares solely within Zone 1 will increase for the first time in six years, from £2.40 to £2.50.

Fares are increasing in total by 4.8% across Transport for London in line with RPI inflation plus 1%.

It comes as the Government’s funding arrangement between itself and the transport company is due to end on February 18.

The company has been bailed out by the Government three times following the drop in demand for travel during the pandemic.

The package of Government support for TfL since March 2020 hit more than £4 billion in June last year after the third batch of funding was agreed.

But Mr Khan said there was still a £1.9 billion funding gap following a TfL Finance Committee report, and warned bus services could be reduced by a fifth and Tube services by almost 10% if a resolution was not reached.

Funding was subsequently extended to February 4 and then to February 18.

Sadiq Khan said: “Public transport should be affordable to all, and I’ve taken bold action to ensure this since I became Mayor by introducing the unlimited Hopper bus fare and freezing all TfL fares from 2016-2021 - saving the average London household over £200.

“Since TfL’s finances were decimated by the pandemic, the Government has set strict conditions as part of the emergency funding deals to keep essential transport services running in London.

“We have been forced into this position by the Government and the way it continues to refuse to properly fund TfL, but I have done everything in my power to keep fares as affordable as possible.”

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