London Assembly Statement On TfL Fares Freeze Announcement
30th November 2018

London Assembly Statement On TfL Fares Freeze Announcement

In response to the announcement on 30 November by the Mayor of a Transport for London (TfL) fares freeze next year and the launch of weekly capping on Oyster on buses and trams, Chairman of the Budget and Performance Committee,Gareth Bacon AM, said:

 

“This serves as a timely reminder of how much the fares freeze policy has affected the finances of London’s transportation supplier, TfL.

“Obviously keeping travel costs down for Londoners is a commendable aim but TfL faces unprecedented financial pressures and is running a deficit of £1 billion for 2018/19.

“Estimates that the Mayor’s current fares freeze will cost around £640 million over the four-year Mayoral term, combined with delays to the opening of Crossrail, have compounded the problems.

“TfL is in choppy waters and a calm captain is required to steer the organisation through the coming years.

“This is exactly why the Budget and Performance Committee is asking TfL to publish how much a second fares freeze for the next Mayoral term would cost, as soon as possible.

“Londoners and visitors deserve affordable travel but crowd-pleasing policies must be properly costed, due to the serious implications they will have on the future financial viability of TfL.”