Fares make up the largest single source of income for Transport for London (TfL). This has meant that as a consequence of the COVID-19 pandemic supressing ridership by as much as 95%, TfL was forced to seek emergency funding from the Government in May.
In the Small Print
Among the various conditions attached to the £1.6bn bailout, the Mayor of London has agreed to increase bus and Tube fares by 1% above inflation. This flies in the face of a pledge to freeze fares made in this years Mayoral election campaign. Indeed, Sadiq Khan has said “I want to be completely honest and upfront with Londoners – this is not the deal I wanted, but it was the only deal the Government put on the table and I had no choice but to accept it to keep the Tubes and buses running.”
Lock in Your Fare
While this deal will keep TfL funded until September, it does mean that many commuters will see an unexpected hike in their fare come January 2021. That means it will be more important than ever to lock in your fare before it goes up. With a Commuter Club pay-monthly annual, you can do just that, locking in your fare for 12 months and saving on the cost of your commute, while enjoying easy monthly payments.
A Silver Lining
Under another term of the bailout, TfL is expected to restore a full Underground service as soon as possible. Indeed, on July 23rd they announced that services were back up to 95% of pre-lockdown levels. This will help ensure that as more people return to work and ridership increases, commuters are still able to maintain an effective distance from one another and travel more safely.