Train, bus and tube fares are going up across Transport for London services on Wednesday.

Prices will rise by an average of 4.2 per cent across the network - one per cent above inflation.

The daily Oyster price cap has been frozen but the pay as you go fare will rise by 5p to �1.40 for bus journeys, while cash fares will increase by 10p.

Cash fares for the tube will go up by 20p and Oyster fares by either 10p or 20p.

The Mayor of London, Boris Johnson, said further investment in the transport network will provide “faster, more frequent and reliable journeys” and is “crucial” to economic development.

He added: “This fares package is hugely important to our millions of passengers and I am very pleased to have secured nearly �100m that will help to keep fares as low as possible, and protect the important concessions that we offer the most vulnerable Londoners.”

Free travel has been reinstated for over 60s and young people, disabled passengers and veterans pay reduced fares.

Improvements planned for the next three years include an upgrade to the Northern Line, air-conditioned trains on the Circle, District and Hammersmith and City lines, cycling imrpovements and the completion of Crossrail.