The announcement is only the second time in six years that fare rises will be capped to inflation and will bring some much needed respite to commuters who have seen a huge increase in public transport costs over the last 10 years.
After receiving additional funding from the treasury, Johnson has been quick to rule out big rises in 2015.
His original policy was to raise fares at the rate of inflation plus one percent, a policy which has always proved to be incredibly unpopular by passengers across the capital.
Changes in the price of season tickets and travelcards have always been linked to the retail price index (RPI), which currently stands at 2.5% (true of September 2014). Although the policy means there will be no change in the price of fares in ‘real terms’, there will still be an increase of some sort.
The last time Johnson capped far rises was 2014 when RPI stood at 3.1%, and when announcing the 2014 fares package, the Mayor said: “I have always said I was determined to bear down on fares, while ensuring that we can still invest properly in a transport system that is critical to our city’s success.
“This package, which has been made possible by the continuing delivery of efficiencies across TfL, ensures that fares remain affordable and that we have the level of funding we need to continue to improve the network and deliver even better, more frequent services for everyone.
“I know that families and working Londoners who have helped the drive the economic recovery still face real pressure over the cost of living and so I’ve decided to keep fares in line with RPI and therefore freeze them in real terms for next year.”
It’s good to see Johnson keeping to his word and doing his bit to help to ease the pressure on living costs. With less than two years left of Boris as the Mayor of London it would be nice (albeit incredibly unrealistic) to see him reduce the cost of commuting around London in his final year at the helm.
Full details of the changes in prices will be published by Transport for London towards the end of the year.