Fares (2)

Meeting: 
MQT on 2014-12-17
Session date: 
December 17, 2014
Reference: 
2014/5153
Question By: 
Richard Tracey
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor
Category: 

Question

What is the justification for the assumption of above-inflation fares increases from 2016 if there are savings that TfL could still make?

Answer

Answer for Fares (2)

Answer for Fares (2)

Answered By: 
The Mayor

TfL has published its long term Business Plan, which strikes a balance between reduced funding from previous government settlements (20 per cent from 2010/11 to 2014/15) and serving a population that is growing at a rate of two Tube trains full of people every week and will be more than 10 million people by 2030.

At the same time, TfL is ensuring value for money and bearing down on fares through a continual efficiencies programme. The efficiencies programme is successfully delivering £16bn of efficiencies, we have delivered £12bn to date and still have a challenging target of c.£4bn to deliver by 2020/21.

The setting of fares is the Mayor's decision and will be decided every year given the specific economic and funding contexts.