"Decisions about Tube fares and bus fares in London are the devolved responsibility of the Mayor of London. We did have a discussion with him when we were going through the Spending Review. When we discussed the Spending Review and we gave London £2.2 billion of capital investment which is going to enable investment in things like new [Piccadilly] line trains, new DLR trains. We are also progressing the extension of the DLR to Thamesmead."
"We agreed with the Mayor that the assumption was that that £2.2 billion of investment, which is the largest single capital settlement in the last decade for Transport for London, that we would be assuming an RPI plus one (percentage point) fares increase so that London is also making a contribution to that new investment. The Mayor and I had a grown-up conversation about the £2 billion of investment in the capital's transport infrastructure."
Tube fares in London will rise by 5.8%. A central government condition requires Transport for London to increase fares by the rate of inflation plus 1% each year until 2030. The fare rise is intended to help fund £2.2 billion of capital investment for new trains and network extensions. Planned projects include new Piccadilly line trains, new DLR trains, and a DLR extension to Thamesmead. The settlement is the largest single capital allocation for the transport network in a decade. The fare increase is presented as Londoners making a contribution to modernising and expanding the capital’s transport infrastructure.
Read at London Business News | Londonlovesbusiness.com
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