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Mayor raises bus and Tube fares Mayor raises bus and Tube fares
(10 minutes later)
London passengers could be hit with an above inflation rise in fares on buses and the Tube to plug an £84m "financial black hole".London passengers could be hit with an above inflation rise in fares on buses and the Tube to plug an £84m "financial black hole".
The "small rise" to be announced by London Mayor Boris Johnson later will come into effect in the New Year. The rises are to be announced by Tory London Mayor Boris Johnson later and will come into effect in the New Year.
Kulveer Ranger, the mayor's transport policy director, blamed former mayor Ken Livingstone's policies for the "serious financial consequences". Kulveer Ranger, the mayor's transport policy director, blamed former Labour mayor Ken Livingstone's policies for the "serious financial consequences".
The shortfall will impact future investments in transport, he added. London Assembly's Labour group said the mayor was making a "political point".
The Bank of England says the current rate of inflation (CPI) is 4.4%.
'Election gimmicks'
Concessionary fares for the elderly, disabled, people on income support and war veterans are expected to remain unaffected.Concessionary fares for the elderly, disabled, people on income support and war veterans are expected to remain unaffected.
'Election gimmicks'
Commuters will also be urged to travel off-peak with those fares expected to be be cut.Commuters will also be urged to travel off-peak with those fares expected to be be cut.
Mr Ranger said Mr Livingstone's policies, specifically his decision to freeze Tube fares and reduce the price of bus journeys, had removed more than £80m from Transport for London's (TfL's) coffers.Mr Ranger said Mr Livingstone's policies, specifically his decision to freeze Tube fares and reduce the price of bus journeys, had removed more than £80m from Transport for London's (TfL's) coffers.
Mr Ranger branded Mr Livingstone's policies as "cynical election gimmicks" and said TfL was currently reviewing future projects.Mr Ranger branded Mr Livingstone's policies as "cynical election gimmicks" and said TfL was currently reviewing future projects.
In his announcement Mr Johnson is expected to outline some "tough choices" the administration has to make in relation to future projects.In his announcement Mr Johnson is expected to outline some "tough choices" the administration has to make in relation to future projects.
The Labour group was unavailable for comment. John Biggs, Labour's transport spokesman on the London Assembly, said: "This seems to be a very hasty decision by the mayor with no details or justification.
"Although the shortfall is quite significant there are options and we are hoping to explore them with him.
"He seems to be making a political point."
The Bank of England says the current rate of inflation (CPI) is 4.4%.