Londoners are to be spared an above inflation increase in the cost of Tube, bus and DLR journeys for only the second time time since Mayor Boris Johnson came to power.
The Mayor has previously committed to providing Transport for London with an annual increase pegged at the rate of inflation plus one percent.
The policy has been unpopular with many passengers and London Assembly members who have accused the Mayor of adding to the financial pressures faced by Londoners.
TfL and City Hall have previously defended the policy as necessary to provide “vital” investment in the transport network, including Tube upgrades and longer London Overground trains.
This year’s average increase was limited to 3.1 per cent – the July 2013 rate of inflation. It was the first time fares had risen only by inflation since 2008.
On Monday the Mayor confirmed the Government had agreed to provide additional funding to TfL, allowing him to again limit the increase to inflation.
Full details of the increases will be published by Transport for London at a later date.
Caroline Pidgeon, Leader of the Liberal Democrat London Assembly Group, said today’s news “will be welcomed by passengers.”
She added: “Inflation busting fares would have been a bitter blow for most Londoners who have often seen freezes in the wages for the last few years.
“However, it is the Treasury and definitely not the Mayor who should get any credit.
“If the Mayor really took control of TfL’s budget that he is responsible for, and ended waste and extravagent perks for senior management, he could be far more ambitious over fares, especially for part-time workers.”
Green party AM Darren Johnson accused the Mayor of pushing up the cost of public transport while making it cheaper to drive the capital.
He said: “Boris’s seventh fare hike in a row will be a bitter start to 2015 for many Londoners, who have been struggling with stagnant pay and spiralling housing costs for years.
“While he has pushed fares up, the cost of motoring has been falling.
“To save London from a future of congestion and pollution, the Mayor should be bringing in a London-wide pay-as-you-drive charging system, which could fund a big expansion in public transport and a cut in fares.”
Labour’s Val Shawcross commented: “While this is welcome news, Londoners will see this move for what it is – electioneering the year before a General Election.
“Boris Johnson cannot escape the fact that he pledged to keep fares low, but has now overseen a 40% rise in average travel costs – that’s 13% higher than inflation over his six years as Mayor.”