Transport for London

TfL is by some distance the largest of the Mayor’s functional bodies. In the Mayor’s final budget for the current year (2024-25), TfL’s £9.6 billion of gross revenue expenditure accounted for 55 per cent of the GLA Group.¹ Its capital expenditure at £2.3 billion accounted for 51 per cent the GLA Group’s total capital expenditure.²

The Mayor announced the TfL fares package for 2025 on 13 December 2024 this included a freeze to bus and tram fares from March 2025. Fares on London Underground and Rail fares will increase by 4.6 per cent. This will see TfL fares overall increase by 3.6 per cent.³

Key Highlights:

• Passenger income of £5.7 billion, up from £5.3 billion in 2024-25.
• Government regulated fares increasing by 4.6 per cent and TfL fares increasing by 3.6 per cent in March 2025.
• Operating costs of £8.3 billion up from £8.2 billion in 2024-25.
• Further recurring operating savings of £236 million including reducing the bad debt expense of non-collection of penalty charge notices by a range of measures including tripling the number of people in TfL’s investigation team to boost the work with enforcement agents and trialling more sophisticated ‘nudge’ techniques.
• £10 million for the first phase of Superloop 2.
• Capital expenditure of £2.5 billion up from £2.0 billion in 2024-25.

¹ P6 The GLA 2024-25 Consolidated Budget, February 2024

² P5, 2024-25 GLA Capital Spending Plan, February 2024

³ MD3318 March 2025 fare changes, 13 December 2024