Caroline Pidgeon, the Liberal Democrat London Assembly Transport Spokesperson and Chair of the London Assembly Transport Committee, commenting on today’s July inflation figures, which are used as the basis of future fare rises said:
“With prices falling by minus 1.4% in July the Mayor should not hesitate to announce that bus, tube and tram fares will at least be frozen in 2010.
“The formula for setting fares is the July retail price index (RPI) plus 1%. The Mayor happily kept to this formula last year when a temporary spike in price rises last Summer led to fares rising by a harsh 6% at the beginning of 2009, hitting many Londoners and especially those on low incomes.
“The finances of Transport for London might be facing a challenge at present, but so too are the finances of ordinary Londoners.
“A freeze on fares will be welcome in these challenging times.”