Fares on London’s Tube and will rise by 4.6 per cent in March 2025 in line with the increase in fares on the national rail network, but there will be no increase in fares on the city’s trams.

Government ministers had made clear that in order to secure future national funding for London’s transport services, it expected an increase in Tube and rail fares.

Transport for London will be able to use the increased revenue to reinvest in services and help unlock government funding for vital infrastructure projects.

Also being frozen are the cost of all concessions, including Zip photocards, the 18+ student photocard, the 18-25 Carer Leavers pass and the 60+ London photocard that provides free or discounted transport for millions of Londoners.

By freezing bus and tram fares, lower-income and disabled Londoners will particularly benefit as they are more likely to use bus and tram services to travel around the city.

From March 2025, fares will be nine per cent lower than if they had kept pace with the annual increase in National Rail fares since 2016, and 16 per cent lower than if they had risen in line with inflation.

With the freeze in bus and tram fares, they will remain only 25p higher than in 2016, and 23 per cent lower than if they had risen in line with inflation.

“This fares package aims to keep fares as affordable as possible while supporting London’s continued economic growth. Through daily and weekly capping, as well as the Hopper fare and our wide range of concessions, people using our services can continue to get the best value fare by using pay as you go with contactless and Oyster.”

Alex Williams, Chief Customer and Strategy Officer at Transport for London