Yes, you read it correctly. Every year, certainly for as long as I've been writing this blog, we get the annual announcement that Tube and bus fares are going up. It's about as reliable as Tube strikes announcements. But now Sheriff Ken has happily proclaimed:
"Single Tube, bus, DLR and tram fares will be frozen from January 2008, as we look to share the city's economic success with our passengers.
"Record passenger numbers and careful control of operating costs have boosted transport revenues. Following the recent 10 per cent reduction in single bus fares, by freezing cash fares for 2008 I am now ensuring that the benefits will be felt by millions more Londoners."
London's Transport Commissioner, Peter Hendy, said that Tube carried more than a billion passengers for the first time last year. From Ken's press release we learn that "The average real tube fare has only risen from £1.41 to £1.43 - that is an increase of 1.4 per cent a year over eight years, or an average real increase of 0.2 per cent a year. Tube fare revenue is projected to increase by 11 per cent this year - from £1,417m last year to £1,570m.
Single Tube fares are also frozen, with the price of a single journey in central London being held at £1.50 when using Oyster, and £4 when paying by cash. A little over three per cent of Tube fares are now paid in cash."
However, in reality this might be just a bit of a spin for a number of Londoners (like me) as One Day Travelcards and Travelcard Season Tickets will rise in line with inflation. That's because these tickets also apply on National Rail, and Ken and Pete haven't got the agreement of the Train Operating Companies for lower fares.
To work out whether Oyster Pre-Pay or a Travelcard is cheaper for you - try James Cridland's handy Oyster-or-Travelcard-calculator.
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