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New Year London fares rise
Page 44
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The GLC policy and resources committee are recommending the Council on November 16 to accept the proposals of the London Transport Executive (announced by the Executive on October 1) to increase fares on January 2 to bring in an additional £11+m. a year to cover unavoidable increased costs. It will be the first general increase in London Transport fares for 17 months.
At their meeting last Friday the Committee decided that, to help London Transport keep as close as possible to the CBI price restraint of five per cent, the Council should be asked to waive — but for 1972 only — the GLC requirement that the Executive should put not less than £2m. a year to general reserve. But the Executive will have to set aside a nominal sum of £10,000 in 1972.