Sadiq Khan has announced that there will be an almost five per cent rise in London Underground and Transport for London (TfL) rail fares.

The Mayor of London said that a 4.6 per cent increase will be made live on March 2. Daily charging caps will increase by between 40p and 70p.

This is dependent on the zones customers travel through. Bus fares will remain the same, however.

The Standard reports that the Mayor denied that he had been forced by the Department for Transport (DfT) to replicate the 4.6 per cent increase in National Rail fares next year.

Although he also said there was the “prospect of a long-term multi-year capital deal” from the Government for TfL in return for complying with the Government's wishes for the Tube fare increase to match the increase in national prices.

It comes after Mr Khan said in July that he plans to keep Tube, Overground, DLR, Elizabeth line and bus fares frozen as they are for "as long as possible".

The Mayor of London has allocated £123 million in the Greater London Authority's (GLA) budget to freeze fares earlier this year.

Mr Khan's office also hinted to our sister site MyLondon in January that this may not be the last time, as "the funds identified for this year's fare freeze have also been allocated in the budget for future years".

But, in November, it was reported that fares looked set to increase next year after the Government said it expects Mr Khan to make the change as part of its deal to provide £485 million for TfL's capital budget.

The Chancellor of the Exchequer, Rachel Reeves, announced the cash injection as part of her Budget on October 30.

In January, a spokesperson for Mr Khan told MyLondon when asked if fares could be frozen for another year: "The mayor’s track record on fare freezes speaks for itself. 

This is the fifth time that Sadiq has frozen TfL fares and previous fare freezes were brought in with careful financial management, not passing costs to passengers elsewhere.

"The funds identified for this year's fare freeze have also been allocated in the budget for future years. 

The Mayor will continue to do all he can to support London’s families through the cost-of-living crisis and to support London’s wider economic recovery, building a better and more prosperous city for all Londoners."

The former Transport Secretary, Louise Haigh, said in a letter to the Mr Khan after the Budget: "HMG expects you to consider the full range of revenue raising powers at your disposal as part of TfL’s business planning and to confirm to HMG your plans to ensure TfL continues to improve its financial sustainability in the medium term.

"You should note that HMG’s assessment of TfL funding needs in Phase 2 of the Spending Review will be conducted against a baseline scenario where TfL rail fares rise in line with national rail fares this year."