The pandemic has had a significant and sustained impact on passenger demand, and consequences for TfL’s finances through lost fares revenue.
TfL’s funding settlement agreed with the Government in August 2022 assumes a rise in fares in 2022/23 and 2023/24. The decision to increase fares in London sits with the Mayor.
No announcements regarding fare increases in 2023 have yet been made, however the Mayor has said that any increase in fares will hit low-income Londoners the hardest.
The London Assembly Transport Committee is investigating public transport fares in London, and the impact that a fares increase would have on passengers and passenger behaviour. The future of different travels concessions in London will be considered, as well as the potential for different fare structures and technological innovations.
The investigation and any output could inform work done by TfL or the Mayor when deciding any future changes to fares. It follows up on scrutiny work carried out by the Budget and Performance Committee.
The Committee will meet tomorrow at 10.00am on 17 January 2023.
The meeting will be used principally for a question and answer session with the following invited guests regarding Public Transport Fares in London:
- Shashi Verma, Director of Strategy and Chief Technology Officer, TfL
- Seb Dance, Deputy Mayor for Transport
- Norman Baker, Director of External Affairs, Campaign for Better Transport
- Michael Roberts, Chief Executive, London TravelWatch
- Abigail Wood, Chief Executive, Age UK London
The agenda and reports are available here. The meeting will take place at City Hall, Kamal Chunchie Way, London, E16 1ZE. Members of the public are welcome to attend in person or to watch the webcast here.
Notes to editors
- Siân Berry AM, Chair of the London Assembly Transport Committee is available for interview – see contact details below.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Emma Bowden in the Assembly Media Office on 07849 303897. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.