London mayor launches £24m initiative to lower transport fares

The Mayor of London, Sadiq Khan, proposed a £24 million plan to lower tube and train fares on Fridays, Bloomberg reported on Sunday.

Khan requested Transport for London (TfL) conduct a three-month trial to increase ridership and stimulate the economy by applying off-peak fares all day on Fridays.

This plan would need the support of the wider rail industry.

Peak fares on TfL and mainline rail services in London are in effect on weekdays from 6.30 a.m. to 9.30 a.m. and 4 p.m. to 7 p.m.

A commuter travelling from Zone 6 to Zone 1 pays £5.60 per trip during peak times. However, this fare could drop to £3.60 on Fridays as part of the trial.

Khan plans to dedicate £24 million from his 2024–25 budget to fund the Friday trial.

TfL data reveals that Tube ridership is at 85% of pre-pandemic levels during the week, but only 73% on Fridays.

The plan aims to boost Friday office attendance, which could increase spending on meals, social activities, and entertainment, benefiting the hospitality industry.

The trial was announced a week after revealing a fare freeze on TfL until next March, funded by £123 million from the Greater London Authority.