00:00Yes, Londoners are set to pay more for tube journeys next year, with City Hall confirming a fresh rise in fares.
00:09The cost of travelling on the underground is expected to jump by 5.8% in the spring as part of the annual price review,
00:19continuing a trend of increases that have actually outpaced inflation in recent years.
00:26Now, this rise due in March is linked to the conditions attached to Transport for London's funding deal.
00:33Mayor Sadiq Khan says the uplift was required by Chancellor Rachel Reeves in order for TfL to receive an investment support boost too.
00:44Now, while national rail fares are being frozen to ease the cost of living, there's no similar cap for the tube, officials have now confirmed.
00:55Rail passengers travelling beyond London, however, will benefit from the national fare freeze, as the Transport Secretary has already confirmed.
01:06Here is what she had to say.
01:08So on the cost of tickets, we have taken the decision in the budget to freeze rail fares for the first time in 30 years.
01:16That means that people who are using a season ticket or a flexible season ticket, peak returns or off-peak returns between big cities in England won't see their fares going up next year.
01:31And if you think about the fact that under the Conservative government between 2010 and 2024, fares rose by 60%.
01:37So this is a really, really important thing for us to be doing when people are struggling with the cost of living.
01:43You're right to raise the issues of delays and cancellations.
01:48What we have seen amongst the train operating companies that are in public ownership, there are seven train operating companies that we run now as the state.
01:59The level of cancellation on those services is lower than on other privately operated services.
02:06So what is behind the price hike?
02:10Well, TfL's long-term funding for big infrastructure projects depends on proving financial responsibility, which includes increasing fares above the retail price index.
02:24According to City Hall, government backing of more than 2 billion hinges on the fares being raised by plus 1% of RPI.
02:35Since cheap prices are normally reviewed each March, this year's jump follows that pattern.
02:42The mayor said to the Evening Standard that he believes the government's requirement is not unreasonable and said the increase should contribute around £450 million towards capital investment.
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