London's public transport fares, already the highest globally, will see annual increases mandated by the national government until 2029. Mayor Sadiq Khan is instructed to raise fares above inflation, specifically by the Retail Price Index plus one percent for the next few years. This increase comes as a condition for receiving nearly £2.2 billion in infrastructure funding from the government. The latest hikes follow prior fare adjustments linking increases to national rail fare hikes, reflecting persistent pressure on transport pricing amid financial support.
Earlier this month the Chancellor said that TfL will receive nearly £2.2 billion to spend on infrastructure over the next five years. Put plainly, in return for this cash TfL is being told to hike its prices.
Transport Secretary Heidi Alexander has reportedly told Sir Sadiq not just to increase fares, but to hike them above the rate of inflation.
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