The mayor said a rise – equivalent to one percentage point above the RPI rate of inflation – was a condition of the £2.2bn capital funding deal that TfL agreed with central government in the spending review in June.
He said the freeze on bus and tram fares until July 2026 was “an emergency cost-of-living measure” funded by City Hall.
Sir Sadiq added: “This is the seventh time I’ve been able to freeze bus and tram fares, and it will particularly benefit those on the lowest incomes in our city.
“The plans would mean that only fares on Tube and TfL rail services would now increase from March 2026.
“I also plan to ensure that increases to pay-as-you-go fares on the Tube will be capped at 20p, with many only rising by just 10p.”
City Hall Conservatives criticised the announcement.
In a statement, they said: “Whilst the rest of the country enjoys a fare freeze, Sadiq Khan has burdened Londoners with cost increases that are disproportionately going to affect the young professionals that are the backbone of our city’s economy, as well the other millions of passengers who use these services.”
The Liberal Democrats said the mayor had “failed to make this case to his ‘mates’ in government like he promised he would, he’s now expecting working Londoners to stump up the costs instead”.