Confirmed: TfL fares to rise by average of almost 5% from March 1

Mayor of London announces fare rise on TfL network

TfL fares are to rise by average of 4.8% from March 1, Mayor Sadiq Khan has announced - Credit: Transport for London

TfL fares are to rise by an average of 4.8 percent on March 1 - the biggest annual increase in a decade.

Commuters will notice significant changes in a fortnight's time, as part of a hike which is estimated will cost passengers £151m more this year.

In terms of the Tube, there will be a 10p increase to single tube fares in zone one and between 10p to 30p across the rest of the network.

Bus fares will rise by 10p - and 6.5pc - to £1.65.

This hike - the second successive implemented by mayor of London Sadiq Khan - comes as a result of TfL's ailing finances.

In relation to the announcement, he said: "We have been forced into this position by the Government and the way it continues to refuse to properly fund TfL, but I have done everything in my power to keep fares as affordable as possible.”

Among the other key changes is a planned increase of 3.8pc to the daily cap on multiple pay-as-you-go Tube journeys, while the daily cap on bus journeys will now cost £4.95. 

Free travel for all children under the age of 11 has been retained.