Tube and bus fares will be capped to no more than inflation for 2015, Mayor Boris Johnson has confirmed.
Earlier this morning, the Mayor's official Twitter account said:
Bus/tube fares across TfL in 2015 to be capped in line with inflation rather than inflation + 1% - investment protected -HMT covering gap
This follows an announcement from the Treasury (HMT) over the weekend that national rail fares would be capped to inflation, rather than inflation +1%, which is the usual formula. That means the average increase in fares will be around 2.5%. Expect to see this billed as fares being 'frozen', much the same as last year when fares increased by an average of 3.1% — last year's inflation figure — although travelcard users experienced a rise of around 4.1%.
We'll get the exact fare rises from Transport for London later in the year.
This news has nothing whatsoever to do with the fact there's an election next year, and shame on you for even cynically thinking it.