Conservatives on the London Assembly are investigating ways to put a freeze on rising tube fares.
Amongst other ideas, they have come up a plan to allow tube stations to be sponsored.
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Transport for London has said that renaming Tube stations to suit sponsors would be very costly because of the number of signs and maps on the network. TFL added that it already is bringing in £3.4bn in commercial revenue over the next few years which will be invested on transport.
– Graeme Craig, Director of Commercial Development
“The Mayor has in the past ruled out the renaming of stations, largely due to the cost of changing the thousands of signs and maps across the network. We already do deals short of actually renaming stations or lines, including giving over whole stations like Canary Wharf to advertising by one organisation.
“Every penny of this and our other revenue goes towards keeping fares as low as possible, while improving transport and supporting jobs and growth across the UK.”
The Conservative group on the London Assembly has released a report suggesting Tube stations or Tube lines should be sponsored. They say the extra income from sponsorship could allow fares to be frozen.
It would mean that stations would have their names changed by adding a brand name. The Conservatives carried out a poll which found that 74% of Londoners believe Transport for London should expand sponsorship if it was used to cut or reduce fares.