London's bus and tube fares would be frozen for four years and funding ended for Emirates' cable car under plans put forward by Sadiq Khan, Labour's Mayoral candidate.

The Tooting MP said keeping fares down for public transport would be a priority if he was to become the Mayor of London in May.

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Mr Khan said: "The Tories have put fares up year after year - and today is no exception. Alongside soaring housing costs, fare rises have made London increasingly unaffordable even for Londoners on decent incomes.

"As Mayor, I’ll stand up for Londoners and freeze all TfL fares, and end the unfair situation where two million bus users are penalised every time they have to change bus.

"A fares freeze is absolutely affordable - even the current Tory Deputy Mayor says so. But I want to be totally honest with Londoners - it will mean taking some difficult decisions. Today I've outlined a comprehensive package of savings and revenue raising to fund my plans."

Under Mr Khan, public funding of the Emirates' cable car would end, and no more new routemaster buses would be bought.

Engineering functions would be merged, estimated to save enough to fund the fare freeze alone.

Mr Khan said he will cut "duplication and waste" of consultants and agency staff and said that TfL spent £383m last year, a figure he would half.

He would also clamp down on fare evasion which cost £61m last year.

Fares increased by one per cent on Saturday, January 2.

Mr Khan is also proposing to introduce 'The Hopper', a bus ticket which would allow people to change buses as many times in one hour while only paying one fare.

The concept was first introduced by the Liberal Democrat party in 2009.

Mr Khan said commuters from Zone 6 have paid an extra £3,351 since 2008 and monthly bus passes cost £2,070 more in the same time.

According to the Labour Mayoral candidate, investment in the services provided is possible without raising fares.

Mr Khan said: "It is possible to freeze fares while continuing to invest in new buses, tube upgrades and cycling schemes - even the current Tory Deputy Mayor, Stephen Greenhalgh, says so.

"Boris Johnson's deputy claimed it was possible to afford a three per cent cut in fares this summer, saying [in a blog post written as Conservative candidate for mayor] 'fare cuts are vital to secure London’s future prosperity'."