Mayor announces plans for 2026 TfL fares package, including a further freeze, for the seventh time, to bus and tram fares until July funded by City Hall

•        The Government has made clear it expects TfL fares to rise by RPI+1 as part of its £2.2bn capital funding deal for TfL

•        But as an emergency cost-of-living measure to protect Londoners on the lowest incomes, the Mayor plans to use City Hall funding for the seventh time to freeze bus and tram fares until July 2026

•        Only Tube and TfL rail fares would increase from March 2026 and the Mayor plans to ensure Tube increases will be capped at 20p, with many rising by only 10p

•        The Mayor’s record of freezing fares in London whenever possible means that Londoners would still be saving around 16 per cent compared to if Tube and rail fares had risen in line with inflation since 2016

•         If Sadiq hadn't frozen bus and tram fares seven times over the years, bus fares in March would be 60p higher - or 34 per cent higher 

The Mayor of London, Sadiq Khan, has announced plans today for Transport for London (TfL) fares in 2026, keeping them as affordable as possible.    

As part of the Government’s £2.2bn multi-year funding deal for TfL - agreed in the Spending Review in July 2025 [1] - it expects TfL fares to rise by inflation plus one per cent (RPI+1) [2].  However, as an emergency cost-of-living measure, the Mayor plans to use City Hall budgets to help Londoners by freezing bus and tram fares until July 2026.   

The plans would mean that only fares on Tube and TfL rail services would increase from March 2026.

The plans would also mean that Londoners would also still be able to make unlimited journeys within one hour on London’s buses for just £1.75, using the Mayor’s Hopper Fare.  This is only 25p more than when Sadiq first came to office almost a decade ago.  If bus fares had increased in line with inflation since 2016, they would be £2.35 today. Because of the Mayor’s seven interventions freezing bus and tram fares, customers would continue paying 60p less than they otherwise would have if the Mayor had not intervened.  

The Mayor intends to ensure that no single pay as you go Tube fare will increase by more than 20p, with many rising by just 10p.  This would mean:

• An off-peak pay as you go Tube fare from Tottenham Court Road in Zone 1 to Edgware in Zone 5 would rise from £3.60 to £3.80.  
• Pay as you go fares on Tube and TfL rail services within Zone 1 only would rise from £2.90 to £3.10 in the peak, and from £2.80 to £3.00 during off-peak and weekends.     
• An off-peak journey from Richmond (Zone 4) to Stratford (Zone 2) avoiding zone 1 would rise from £2.20 to £2.40.
• A peak journey from Upminster (Zone 6) to Cannon Street (Zone 1) would only increase by 10p from £5.80 to £5.90. 
• And Piccadilly line fares from Zone 1 to Heathrow would rise from £5.80 to £5.90.

Elizabeth line fares from Zone 1 to Heathrow would rise from £13.90 to £15.50.  This would still be much cheaper than the Heathrow Express and would only impact single journeys, mostly impacting tourists flying out of Heathrow. Londoners travelling to and from Heathrow for work will not be impacted as they will be protected by the cap. 

In addition, it is proposed that the price of Travelcards will be frozen until March 2027 so weekly and daily caps will not change. This would mean that those who regularly travel using pay as you go would hit the caps sooner and therefore not see the cost of their travel increase significantly throughout the year.  

Londoners continue to benefit from the Mayor’s previous fare freezes over six years, with anticipated Tube and rail fares in March 2026 set to be six per cent lower than if fares had risen in line with National Rail fares since 2016, and around 16 per cent lower than if they had risen in line with inflation throughout this period. 

It is proposed that TfL’s wide range of concessions - including Zip photocards, the 18+ Student photocard, the 18-25 Care Leavers pass and the 60+ Oyster London photocards - will all remain unchanged, providing free or discounted transport for millions of Londoners.  

The Government’s £2.2bn multi-year capital funding deal for TfL, which was announced earlier this year, is essential for London.  It will deliver improvements to TfL services - improving the experience for customers, drivers, cyclists and pedestrians. The funding will help to replace aging fleets, upgrade signalling technology and improve buses, among many other projects to ensure better journeys for TfL customers. It will also help to make London greener, create new high-quality jobs, deliver more affordable housing and boost economic growth across London.  

These intended fares changes are due to be considered for approval by the Mayor in due course, in a Mayoral Decision.  

The Mayor of London, Sadiq Khan, said: “When the Government awarded TfL £2.2bn in vital investment - the biggest ever multi-year funding deal for London in more than a decade - it made clear it expects TfL fares to rise by inflation plus one percent.  However, I remain committed to doing everything in my power to keep TfL fares as affordable as possible because I know how the cost-of-living crisis is still hitting many Londoners hard.

“That’s why I’m announcing plans for an emergency cost-of-living measure, funded by City Hall, to continue freezing bus and tram fares until July 2026.  This is the seventh time I’ve been able to freeze bus and tram fares, and it will particularly benefit those on the lowest incomes in our city. 

“The plans would mean that only fares on Tube and TfL rail services would now increase from March 2026. I also plan to ensure that increases to pay as you go fares on the Tube will be capped at 20p, with many only rising by just 10p. 

“The record number of TfL fares freezes I’ve put in place since 2016 mean that under the plans Londoners would still be saving around 16 per cent on tube and rail fares and 34 per cent on bus and tram fares compared to if fares had risen in line with inflation since 2016, and I’ll continue to do all I can to support Londoners as we build a fairer, greener London for everyone.”    

ENDS

Notes to editors:

[1] A link to the funding agreement with Government from July 2025 is available here: https://content.tfl.gov.uk/dft-tfl-spendingreview-phase-2-outcome-june-2025.pdf 

[2] Based on July’s Retail Price Index (RPI) 

For more information about the range of concessions, discounts and exemptions TfL offers, as well as to find out more about fares in London, please visit www.tfl.gov.uk/fares 

Proposed 2026 Tube fares