Big fare increases on way as Tube and bus chiefs eye £6bn pot to break even

Tube and bus passengers will be paying a record £6bn a year in fares to Transport for London under its new plans to break even, it can been revealed.TfL finance chiefs expect annual fares income to increase by £1.7bn or 40 per cent over the next three-and-a-half years, driven in part by more passengers and in part by annual price hikes.The Government, under TfL’s final bailout deal last August, expects TfL fares to rise by at least four per cent next March, in line with national rail fares, and by the same amount again in January or March 2024.