26 September 2011

Ken pledges to cut fares by 5% in 2012

Labour's candidate for Mayor of London Ken Livingstone has announced details of an emergency fares package to cut fares if elected in May 2012.

Ken promised to rip up Boris Johnson’s high fare policy which has committed Londoners to 20 years of fare increases at 2% above inflation each year and replace it with a fairer fares package starting with an immediate overall fares cut:

- An overall cut in fares for Londoners of 5% in the autumn of 2012

- No further fare rises at all in 2013.

- From January 2014 and in subsequent years no fare rises above RPI inflation.

Boris Johnson has raised fares by 21.1% between 2009 and 2011, yet RPI inflation was just 8% over that period. Boris Johnson’s fare increases have meant the cost of a single bus fare using Oyster has risen by a staggering 56% since 2008, costing Londoners £260 a year more. A zone 1-6 travelcard is up 22% costing Londoners £509 a year more.

Ken’s carefully costed plan redirects some of the increasing operating surplus from TfL fares income and uses it to cut the cost of travel. TfL had an operating surplus in the Financial Year just ended of £728million. Ken's plan uses the most conservative assumptions about operating costs and surpluses to ensure the most prudent and robust basis for the fares cut.

See Ken on Youtube: