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.”