Fares on public transport in London are likely to increase over coming months as part of a deal with the government.
TfL is set to receive a £1.6 billion to stop it running out of cash after the impact of coronavirus on its revenue streams. At least £500 million will be a loan from the Department for Transport.
The deal is reported to come with conditions, including a review of TfL’s finances. Analysts believe this could result in fare increases after years of freezes under London mayor Sadiq Khan.
On Thursday, Khan told LBC that TfL services would face severe cuts if the government did not bail the transport authority out. The emergency funding will keep services running until September.
TfL is facing a £3.2 billion black hole in its budget as revenue from fares, advertising and the congestion charge has dried up during the coronavirus pandemic.
Ridership on the Tube has fallen by up to 95%. Officials have also warned that social distancing measures will mean services running at pre-coronavirus levels will effectively only have 15% capacity.