The Mayor of London, Sadiq Khan, has unveiled plans for Transport for London (TfL) fares in 2026, aiming to protect Londoners from rising travel costs while maintaining essential investment in the city’s transport network.
As part of the Government’s 2.2 billion GBP multi-year funding deal with TfL, agreed in the 2025 Spending Review, fare increases of inflation plus one percent (RPI+1) were anticipated. However, as an emergency measure to ease the cost-of-living crisis, the Mayor plans to use City Hall funding to freeze bus and tram fares until July 2026. This marks the seventh time such a freeze has been implemented under his tenure.
Under the proposed plan, pay-as-you-go Tube and TfL rail fares will increase, but the Mayor has pledged to cap individual fare rises at 20p, with many only increasing by 10p.
The Mayor of London, Sadiq Khan, said:When the Government awarded TfL £2.2bn in vital investment - the biggest ever multi-year funding deal for London in more than a decade - it made clear it expects TfL fares to rise by inflation plus one percent. 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.
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. This is the seventh time I’ve been able to freeze bus and tram fares, and it will particularly benefit those on the lowest incomes in our city.
The plans would mean that only fares on Tube and TfL rail services would now increase from March 2026. I also plan to ensure that increases to pay as you go fares on the Tube will be capped at 20p, with many only rising by just 10p.
The record number of TfL fares freezes I’ve put in place since 2016 mean that under the plans Londoners would still be saving around 16 per cent on tube and rail fares and 34 per cent on bus and tram fares compared to if fares had risen in line with inflation since 2016, and I’ll continue to do all I can to support Londoners as we build a fairer, greener London for everyone.
The proposed fares changes are pending approval through a Mayoral Decision. If implemented, they will continue a trend in which TfL fares are rising at a slower rate than the Government initially projected, but still above zero for rail services for the first time in several years.
