Re-produced from www.notkenagain.com
"The Times has seen internal Transport for London (TfL) correspondence that show Ken Livingstone's plan to cut fares will cause TfL to "run out of cash" within three years.
In order to plug the financial gap that taking £1 billion from the investment budget will create, a huge fare increase of 38% over inflation will be needed in 2015.
One senior TfL official, according to The Times, said of Livingstone's plans:
"TfL would run out of cash during 2015. To prevent this happening, and to return to the cash levels our business plan assumes by the end of 2015-16 financial year, it would require across bus, Tube and rail, either: RPI plus 38 per cent increase in January 2015, or RPI plus 12.5 per cent increases in both January 2014 and 2015".
Ken Livingstone has promised twice before he would cut fares allegedly in order to try and get elected and then raised them above inflation."
Tony Travers said the money to fund Labour's fare cut would be more likely found through the scrapping — or postponement — of capital projects. The ticket increases were used to show the size of the loss.
So it’s back to the usual Labour trick of spend spend spend and throw out all investment and maintenance - because we live for today and today's votes. Who cares about tomorrow?