TfL fares set to increase in 2025-26
Last week, the Mayor announced the TfL fares package for 2025, which 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.1
The Transport for London (TfL) 2025-26 Budget submission shows that passenger income is set to increase to £5.7 billion, up from £5.3 billion in 2024-25.
In the Mayor’s 2024 Manifesto, he announced that the fares freeze would be in place until at least 2025 and the fares freeze would continue as long as economic conditions allow.2
The London Assembly Budget and Performance Committee will meet tomorrow to question TfL on its proposed 2025-26 budget, looking at any potential fare increase for next year.
The Committee will also seek to find out how TfL will achieve financial sustainability for running costs, and how much investment is needed to maintain existing TfL stock.
Guests include:
- Seb Dance, Deputy Mayor for Transport
- Andy Lord, TfL Commissioner
- Patrick Doig, TfL Group Finance Director
- Rachel McLean, TfL Chief Finance Officer
The meeting will take place on Tuesday 17 December from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
Follow us @LondonAssembly.
Notes to editors
- MD3318 March 2025 fare changes, 13 December 2024
- 2024 manifesto, April 2024
- Read the agenda papers.
- Neil Garratt AM, Chairman of the Budget and Performance Committee, is available for interview.
- Find out more about the work of the Budget and Performance Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Tony Smyth in the Assembly Media Office on 07763 251727 or [email protected]. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.