E 13m revenue rise for LT
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DNDON Transport bus and tube fares will go up by 10 per cent from mid-June. The increase is tended to raise revenue in 1978 by £13 million. This will leave an estimated £30 million between come and expenditure in 1978.
This deficit will be met by ['awing £9 million from LT .serves and saving £8 million y internal economies.
These figures assure an riticipated fares relief grant of i0 million from the Greater ondon Council.
Richard Brew, leader of the LC's Policy and Resources ommittee, said this will be ie only fares increase in 1978, rovided the level of inflation contained and wage claims 3 not exceed present guideles.
The operating budget of ondon Transport is said to rovide for increases in pay id prices in accordance with wernment guide-lines.
LT's operating expenditure ill be about £440 million in )78, with fare receipts at )out £310 million, which is an crease of £38 million on 1977. Other increases and .awings on the reserve are Aimated at £17 million, aving a total of £113 million be met by GLC grants — £56 illion for fares relief, £34 illion for depreciation and :newals and £22 million for ee travel for London's derly.
This compares with grants Italling £116 million in the irrent year, during which i5 million was for fares relief.