Because more people than predicted are using public transport in the capital, Transport for London (TfL) have a £206 million surplus in their operating budget. The Mayor should use the extra money in TfL’s coffers to hold fares down, Joanne said.
Joanne McCartney said: “Londoners are facing a real squeeze at the moment. It’s time the Mayor used this extra cash to reduce fares and put money back into commuters’ pockets. “Rather than let this money sit idle in TfL’s bank account, it should be used to give Londoners the fare cut they want and need in the new year. That is the responsible thing to do in tough times.”
Joanne also said claims a fare cut would put infrastructure investment at risk were “simply untrue”. “TfL’s own accounts show that fares can be reduced without putting improvement works at risk. To claim otherwise is simply untrue”
Joanne continued: “A seven per cent fare cut would save the average Londoner £1,000 over the next four years. This would really help struggling families – especially as the lowest paid in Enfield will be paying 23% of their take home pay just to get to work and those in Haringey are having to find 18% of their wages to meet these costs.
“Boris Johnson should spend less time campaigning for tax cuts for the richest people in London and more time keeping fares down for everyone else.”