Bus and tram fares in London will be frozen until July 2026 under a proposed cost-of-living measure announced by Mayor of London Sadiq Khan, while Tube and TfL rail fares are expected to rise from March next year.
The proposal follows a £2.2 billion multi-year funding agreement between the UK government and Transport for London (TfL), finalised in the 2025 Spending Review. Under the funding deal, TfL was expected to increase fares by inflation plus one per cent, but City Hall funding will instead be used to hold bus and tram fares at current levels.
If approved, the move would mark the seventh time bus and tram fares have been frozen under Khan’s mayoralty.
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“When the government awarded TfL £2.2bn in vital investment, it made clear it expects fares to rise by inflation plus one per cent,” Khan says.
“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.”
Under the plan, pay-as-you-go fares on the Tube and TfL rail services will increase from March 2026, but individual fare rises will be capped at 20 pence, with many increases limited to 10 pence.
“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,” Khan says.
“It will particularly benefit those on the lowest incomes in our city.”
Khan says TfL fares have remained below inflation for much of the past decade. City Hall estimates that, if the proposed changes are approved, Londoners will still be paying around 34 per cent less for bus and tram fares and 16 per cent less for Tube and rail fares than they would have if prices had risen in line with inflation since 2016.
“The record number of fare freezes since 2016 means Londoners are still saving significantly compared to where fares could have been,” Khan says.
“I’ll continue to do all I can to support Londoners as we build a fairer, greener city.”
The fares package will require formal approval through a Mayoral Decision. If implemented, it would represent the first increase to Tube and rail fares in several years, while maintaining flat pricing for surface public transport as TfL balances affordability with ongoing network investment.
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