London transport fares up seven per cent in January

Mr Johnson defended the increases, which will anger commuters who have faced huge levels of disruption on services in recent years, as necessary for his £12billion investment in London's transport infrastructure.

He said: "Income from fares is vital to ensure the on-going health of London's transport network, keeping services running for the billions of passengers who rely on them day in, day out.

"This is a fares package that continues my aim to put Transport for London's finances on a steady footing, moving us away from the boom and bust approach.

"I understand that any increase in tough times is difficult. This is a package that has sought to balance the needs of today's passengers whilst ensuring we continue apace with plans to overhaul London's transport system in the face of unprecedented demand."

Mr Johnson's political rivals condemned the announcement of the increases. The issue is likely to be one of the key battlegrounds in next year's Mayoral elections.

Former Mayor Ken Livingstone said: "London already has some of the highest fares in the world, but instead of putting squeezed Londoners first, Boris Johnson is sticking to further stealth taxes on people even as he argues for tax cuts for the rich.

"Fares will be a central choice in the election and in the coming weeks I will set out a fairer fares plan that puts Londoners first."

The Liberal Democrats Caroline Pidgeon said: "This is the fourth year of fare misery that Londoners will face under Boris Johnson.

"He has already hit Londoners hard by hiking up bus fares from 90 pence to £1.30 for a single fare since he arrived at City Hall. Today's further rise will really hit hard many people, especially those on low incomes.

"Boris Johnson has failed to tackle effective action to tackle fare evasion or cut waste which is widespread throughout TfL. If the Mayor got on top of these issues there would be no need for such severe fare rises, especially for low income Londoners."

On the Tube, Oyster pay as you go fares typically increase by between 10p and 30p. Tube cash fares, now used by just one per cent of Tube users, increase between 30p and 40p.

The daily price cap for bus passengers using Oyster pay as you go will be set at £4.20. On the Tube, Zone 1 pay as you go fare rises by 10p to £2.00. Oyster pay as you go fare for three zones outside Zone 1 frozen at £2.20.

Some fares that go up less than the seven per cent and some slightly more. This is particularly the case when fares rise in small increments of 10p.

All free and concessionary travel for older people, students, Veterans and disabled Londoners has been protected.

London Travelcard season ticket prices, for use on TfL and National Rail services, will rise by eight per cent overall - in line with the rail fares policy set by the DfT for the Train Companies.

Mr Johnson's pet projects - extending the Barclays Bike Hire scheme to east London and the Thames cable car being built between North Greenwich and the Royal Docks - are part of the investment programme.

Money for the cable car has come from public funds, despite pledges from Mr Johnson last year that it would not, with no word yet of any private finance coming in to fund its operational costs.