Boris: Cycle Hire users to pay an additional £6m per year

Scheme members will pay an additional £6m per year
The capital’s Cycle Hire users are predicted to pay a further £4-6m per year following the recent increase in access fees.

Earlier this month Mayor Boris Johnson announced hire and membership fees would double as part of his latest fares increase.

The cost of 24 hour access will increase from £1 to £2, a weekly pass will rise from £5 to £10 and annuals memberships will increase from £45 to £90.

The increase follows TfL’s admission that it has no idea when the loss-making scheme, which is majority funded by the taxpayer, would break even.

Responding to a question from London Assembly Member Caroline Pidgeon, the Mayor said the extra revenue from the increases would “contribute towards my long term objective of a financially sustainable scheme, which in turn will enable further expansion of the scheme.”

The Mayor added that the predicted sums are “only provisional at this point, and are dependent on factors such as weather, customer usage patterns, and take up of the scheme in the new expansion area.”