Livingstone to cut fares by 7%

Previously Ken Livingstone had announced that he’ll cut fares by 5% – today (after encouragement from London Assembly candidate Tom Copley yesterday evening), Livingstone has announced that tube fares will be cut by 7%, as Transport for London’s accumulation of excess revenues mean that fares can be cut further than previously thought.

In addition his Fare Deal will directly address the spiralling cost of bus travel by taking the price of a single Oyster bus journey back to 2010 prices. Londoners are now paying hundreds of pounds a year more to travel by bus, tram, tube and train with a single bus ticket up 50% under Boris Johnson, a weekly bus and tram pass up 38% costing Londoners £260 a year more and a zone 1-5 Travelcard is up 20%, costing Londoners £436 a year more.

Livingstone has outlined his more extensive Fare Deal plan today, confirming that if elected next May he would introduce an emergency fares package in the autumn of 2012:

1. Cutting fares by 7%, wiping out the steep fare increases planned by Boris Johnson and taking fares back to at least 2011 levels. Boris Johnson’s January rise will see fares up by 5.6% in 2012. Ken’s cut will save the average Londoner £1000 over four years.

2. Additionally cutting bus fares from £1.35 to £1.20, an 11% cut.

3. Ken’s Fare Deal will also see fares frozen in 2013 and the end of Boris Johnson’s plan for an above-inflation rise after that.

At his “Fare Deal” rally recently Livingstone said that he wished he could cut fares further than  the 5% he was promising. Now, he’s managed to find a way to do that.