The mayor of London said on Friday that the majority of public transportation charges will stay the same this year in an effort to reduce pressure from rising costs of living and support the retail and hotel industries.
Due to a cost-of-living issue that has increased the price of everything from food to furniture over the past two years, households in London and around Britain have restricted their budgets.
“The cost-of-living crisis continues to hit Londoners hard,” Mayor Sadiq Khan said, adding he was setting aside 123 million pounds ($156 million) to freeze transport fares until March 2025.
“Not only will this put money back in people’s pockets, making transport more affordable for millions of Londoners, but (it) will encourage people back onto our public transport network.”
The freeze will affect all fares for buses, trams, the Tube underground trains and the Docklands Light Railway, as well as a majority of fares on the new Elizabeth line and Overground rail. Operator Transport for London had originally planned for a 4% rise in fares.
However, the British capital still has some of the most expensive public transport fares in Europe. A Greenpeace report last year ranked London the second-worst for public transport affordability among 30 European capitals.