London commuters face a fresh blow to their wallets as Mayor Sadiq Khan announces a 4.6 per cent increase in fares from March 2.
The rise will see daily charging caps increase by up to 70p, depending on which zones passengers travel through.
The fare hike comes despite Khan's previous commitment to keep prices frozen "for as long as possible", made in July this year.
The changes will affect all London Underground and TfL rail services, though bus fares will remain unchanged.
Sadiq Khan has announced the cap is going up
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Passengers travelling between zones one and two will see their daily cap rise from £8.50 to £8.90. Meanwhile, those commuting between zones one and three will face a 50p increase, with the daily cap reaching £10.50.
The changes will take effect from March 2, marking a significant shift from Khan's earlier stance on fare freezes. The Mayor had previously allocated £123 million in the Greater London Authority's budget to keep fares frozen.
In a statement on Friday, the Labour mayor explained the increase was necessary to secure funding for future transport projects.
"Following the Government's Budget, ministers made clear that to secure national funding for key transport projects in the future, TfL Tube and rail fares would need to increase in line with national rail fares," he said.
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The Mayor of London Sadiq Khan
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The move follows the Chancellor Rachel Reeves' Budget announcement of a £485 million cash injection for TfL's capital budget. The Government had indicated it expected Khan to align TfL rail fares with national rail increases as part of this funding deal.
Despite the Tube fare increases, Khan confirmed that bus and tram fares will remain frozen at £1.75 for unlimited journeys within an hour.
"I'm really pleased to announce that I'll be freezing bus and tram fares yet again next year, making it the sixth time since 2016," the Mayor said.
He emphasised that this would particularly benefit those on the lowest incomes, as "more Londoners use the bus than any other form of public transport."
Sadiq Khan is set for a knighthood in the New Year honours listPAMichael Liebreich, a former TfL board member, criticised Khan's approach to transport funding.
"Tube and rail users are seen as richer. If you look at the politics around Labour's election manifesto, buses are regarded as the transport of the people whereas the Tube is regarded as transport for city workers," he told The Telegraph.
He warned of a "blackhole" in TfL's finances, arguing Khan "has never done real cost reductions."
