Boris Johnson will raise the cost of traveling in London by up to 20 per cent with bus users suffering the hardest, he announced today.
A single pay as you go bus ticket will rise to £1.20 with off peak tube fares also rising by almost 20%.
The congestion charge, held at £8 since 2005 will also rise to £10, although this will not come in until the Western Extension is scrapped next year.
Single cash fares on the bus will remain at £2 and some travelcard prices will be frozen.
The new fares will come into effect in January, just one year after a similar above inflation hike.
Liberal Democrat Chair of the London Assembly Transport Committee Caroline Pidgeon said today:
"This will be a slap in the face for the millions of Londoners who will be seeing no increase in their pay packets this year. It is all very well Boris trumpeting a zero increase in his share of Council Tax. Fare rises affect far more people, at far greater cost."
Labour's deputy leader on the London Assembly, John Biggs, said:
"This is a massive kick in the teeth for hard pressed Londoners at a time when many are struggling with the recession. Not putting up council tax will save people pennies but this will hit them hard. Londoners will rightly wonder why Boris can apparently find £5bn of TfL savings but can't keep down their fares"
Former Mayor Ken Livingstone said today:
"I left Boris Johnson with very large Transport for London reserves and plans to raise more funds and protect the environment. He has cut investment, reduced protection of the environment and hammered ordinary Londoners with above inflation fare increases. In essence his policy is that the majority of Londoners should pay to subsidise the better off and worst polluters. That is no joke for London."
You can read a summary of the fare rises here.