People are being squeezed by spiralling fares. It’s hurting them but it’s not fair and not necessary. If elected I will cut fares by 5% in October 2012. There will be no fares rise in 2013. After that, fares will rise by no more than inflation. Thousands of Londoners will be better off as a result.
Boris Johnson is committed to increasing fares by two per cent above inflation every year. That means a single bus fare by Oyster will have risen 56 per cent under this Mayor. I will pay for my policy by using some of the surplus in the TfL budget. Every year more money comes in from fares than Boris Johnson says it will. So every year there is a surplus that is simply not put to use. We will put some of that back into Londoners’ pockets and the London economy. Expenditure on transport services and new projects will be protected.