MD1299 January 2014 Fare Changes

This paper sets out Transport for London’s (TfL’s) revised fare change proposals to be implemented from 19 January 2014. The proposals will reduce TfL fares marginally in real terms relative to the 3.1% annual increase in the Retail Price Index (RPI) in the benchmark month of July 2013. The revised changes to fares are expected to raise £100m per year for TfL, an increase of 2.7%. The Travelcard season price increases reflect the link with National Rail fares and the latest guidance from the Secretary of State for Transport that regulated NR fares overall should rise in line with RPI in January 2014. The one day bus cap and all the One Day multi-mode caps are all frozen to provide a better deal for part-time workers and commuters. On the Underground all single fares are frozen except for the Zone 1 fare and the off-peak Zones 1 to 2 fare, which increase by 10p. Overall PAYG fares go up by 1.8%. The bus PAYG single fare increases by 5p to 145p, while the Bus & Tram Pass season price increases by 3.1%, the bus cash single fare and the One Day Bus cap are frozen. The One Day Travelcard range is simplified, with certain off-peak tickets withdrawn. All the One Day caps are maintained to promote switching to Oyster and Contactless Payment.