As pre-election pledges go, it doesn't exactly get top marks for subtlety. But in a city buffeted by a cost of living crisis and where so many are reliant on the transport network to get around, it is hard to fault.
Sadiq Khan announced this morning a freeze to most Tube and bus fares. These had been expected to rise in line with national rail fares, which the government has decided to increase by 4.9 per cent in March. Instead, a London bus fare will remain at £1.75 while a single adult zones 1-3 Tube fare will stay at £3.70 at peak times.
The cost of a Travelcard will rise between 4.6 per cent and 5.1 per cent, depending on the zones selected. However, given that pay-as-you-go fares account for 80 per cent of Tube journeys and 74 per cent for buses, most passengers will still save.
Hang on a second, isn't Transport for London broke? Well, the fares freeze is being funded by £123m from City Hall's budget, as part of the £500m 'windfall' discussed in yesterday's newsletter. As our City Hall and Transport Editor Ross Lydall reports, the fare freeze represents a fairly spectacular turnaround for TfL since the pandemic.
The organisation received more than £6bn in government bailouts but is now set to record its first-ever operating profit of roughly £144m. However, its debt levels are due to rise by about £250m a year and will total more than £17bn by 2026/27, a rise of £3bn on pre-pandemic levels.
Khan's opponents are, as you can imagine, deeply unamused. Tory mayoral rival Susan Hall called the fare freeze a “last roll of the dice” and warned Londoners would pay for it through higher council tax bills and Ulez charges. Neil Garratt, leader of the City Hall Conservatives, said: “Let’s be clear, Sadiq Khan is temporarily freezing TfL fares to try to buy the votes of Londoners." And speaking as a Londoner, they are very much for sale.
While Hall is right to point to higher council tax bills, the Mayor can also campaign on other retail policies such as an extension to free school meals, which will not only help the most disadvantaged families, but is also quite a generous bung to the middle classes.
It all rather confirms my slightly boring view that Khan is actually quite good at politics. As a middle-ranking member of Ed Miliband's shadow cabinet, he won Labour's Mayoral selection – in part by nominating Jeremy Corbyn for leader. Of course as mayor, Khan swiftly went on to distance himself from Corbyn over Brexit and antisemitism. More recently, he took one look at Labour members' opinions and backed a ceasefire in Gaza.
Khan may not be universally loved, nor can he point to vast achievements in office. But he's won twice in London, he's the heavy favourite to do so again, and in a period in which finances are tight, he has found hundreds of millions of pounds for voter-friendly policies in the run-up to an election. That's the game.
In the comment pages, Culture Editor Nancy Durrant despairs at theatre audience members who talk, eat, canoodle and scroll throughout the show. While Maddy Mussen calls Mean Girls a patronising, toothless reboot giving Gen Z a bad name.
And finally, from the quietest new Mayfair opening to a gospel concert in Camden, here's everything to eat, drink, see and do in London this weekend.
Have a good one.
