Comment: Ken’s toxic fares legacy

While the rise will be cushioned to some degree by modest concessions, for example on some Oyster card fares, it will make London's public transport yet more expensive. Some fares will rise by up to 10 per cent. But we should be in no doubt about where the real blame lies: with Mr Johnson's predecessor, Ken Livingstone.

The former Mayor's profligate spending on bureaucracy at Transport for London was bad enough: today Mr Johnson also announces cuts of £1.6 billion to its budget over the next 10 years. But last autumn, in the run-up to the mayoral election, Mr Livingstone reneged on a decision to raise fares by inflation plus one per cent, in order to finance borrowing for Crossrail. Instead, in January this year, he held the fares increase down to an average of inflation only, thereby instantly creating a £60 million black hole in TfL's budget.

Today's announcement patches that hole and marks a return to what was agreed in the first place. Crossrail is essential to London's transport needs: fare increases will be painful but are ultimately an investment in the capital's future. We hope that Mr Johnson will be able to trim waste at City Hall and TfL further and pass on the savings. But for the moment, the Mayor is at least presenting the unvarnished financial truth rather than cooking the books for short-term political gain.