London Tube and bus fares to rise 7% from January 2012

PA

If you thought London commuter travel was through-the-roof already, you won't be pleased to hear that the city's transport networks prices are set to rise 7% from January.

The city's mayor Boris Johnson has confirmed the price hike, and Transport for London (TfL), has said the above-inflation rise is necessary to pour money back into network investment.

Boris told the BBC: 'I understand that any increase in tough times is difficult.

'This is a package that has sought to balance the needs of today's passengers whilst ensuring we continue apace with plans to overhaul London's transport system in the face of unprecedented demand.'

New fare charges include: Oyster pay as you go on buses jumping from 10p to £1.40; Oyster pay as you go fares on the tube rising from between 10p and 30p; London Travelcard season ticket prices increasing more by 8%.

While the Tube, buses, London Overgroun, Docklands Light Railway (DLR), boats and Tram services will be affected, free and concessionary travel fro older people, students, veterans and disabled people will stay the same.

Liberal democrat assembly group leader, Caroline Pidgeon, said if Boris Johnson tackled the problem of fare evasion and TfL waste, there would be no need for 'such severe fare rises', while mayoral candidate Ken Livingstone said Mr Johnson should be 'putting squeezed Londoners first', and called the price rise 'absolutely staggering'.

The news comes after Transport Secretary Philip Hammond described British railways as a 'rich man's toy', saying: 'People who use the railway on average have significantly higher incomes than the population as a whole - simple fact.'