TfL will re-invest all money raised in transport network improvements. This marks the third year in a row that the Mayor and TfL have been able to provide a fare freeze, while balancing the need to modernise the vast transport network.
Recent local transport improvements include air-conditioned trains on the District line and signalling improvements on the Northern line, which will increase capacity and reduce journey times by a fifth. Forthcoming improvements on the tube include better signalling on the District line and the Northern Line Extension into Battersea.
Welcoming the news Cllr David Dean commented; "This is great news for local residents and commuters. Investment in the transport network is vital to make sure we keep in step with rising demand – at the same time we must hold down tube fares as much as possible. I'm pleased that Boris has been able to completely freeze bus fares and most single tube journey costs."
What the New TfL Fares mean for you:
TfL fares will only increase by 1% in line with the Retail Price Index
Pay as you go single bus fares will be frozen at £1.50
Free travel for children under 11 years old will extend across all London National Rail services
There will be a less than 1% increase on Seasonal Travelcard tickets
A number of stations in East London, including Stratford station, will be rezoned from Zone 3 to Zone 2/3
Key elements of the 2016 fares package include:
The pay as you go single bus fare is frozen at £1.50. The one day bus cap will be £4.50; the same as three single fares. The overall increase in bus fares is 0.8 per cent.
Single fare travel in Zones 1-6 will be frozen on the Tube, London Overground, the DLR and TfL Rail. The exception to this will be Zone 1 only and Zone 1-2 off-peak fares which will increase from £2.30 to £2.40. The overall increase on these services is 1.1 per cent.
All other current concessionary fare schemes will be maintained in their current forms.
The all-day caps, which were reduced last year to 20 per cent of the 7 Day Travelcard price in Zones 1-6, will increase by 10p.
The Off-Peak Zones 1-6 Travelcard and the Anytime Zones 1-4 Travelcard will increase from £12 to £12.10. Anytime Zones 1 to 6 Travelcard will increase from £17 to £17.20.
On the Emirates Air Line, the single fare for adult pay as you go users and Travelcard holders will increase by 10p to £3.50. All other Emirates Air Line fares, including child fares and cash fares, are frozen.
The new fares will come into effect from 2nd January. Customers will be able to buy tickets, including season tickets, at 2015 prices until 1 January 2016.
Last year, the fare package included a significant restructuring of one day tickets to make it fairer for part-time commuters, or those who would previously pay significantly more per day than Travelcard season holders. The lower all day pay as you go caps are now benefitting over 200,000 part-time commuters a day and over 700,000 people a week.
TfL has cut costs by 15%, while delivering a £16bn savings and efficiencies programme over the duration of its business plan to 2020/21. TfL also has ambitious plans to generate £3.4bn by non-fares revenue by 2023 in order to reinvest in London's transport, supporting jobs and economic growth. All of this will ensure more money is invested in improving our transport services and helping to keep fares down.