Public transport in London is the priciest in the world, according to a report published by Deutche Bank. A monthly Oyster travel card in London costs £135, a whopping £33 more than the equivalent available in Dublin, which came in as the world’s second most expensive city.
Transport for London (TfL) has commented saying that the findings “did not show the true cost of transport in other countries”.
The report also investigated the evolution of the cost of monthly travel over the years. It has emerged that the cost of transport in England’s metropolis is less expensive now than in 2014, when commuters paid £165 a month.
According to Deutche Bank London is also the tenth most expensive city for the price of petrol, and the third for car hire.. Hong Kong had the priciest petrol, whilst the report found that Amsterdam was the most expensive for daily car rental.
The report, which compiled information from 47 cities, found London taxis to be 20th most expensive, with Zurich topping the list for the priciest fares.
With regard to quality of life, London came in at 33rd place globally, with a similar ranking to cities such as Tokyo, Paris and New York. The report states that such cities rank very low in this category, mainly due to high living costs, crime, pollution and commuting time.
The report said: This is highly subjective and one person’s long commute may be another person’s chance to catch up on Netflix.
Megacity dwellers may also forsake short-term quality of life for aspirational reasons.
For quality of Life, Wellington in New Zealand ranked as number one. It was followed by Edinburgh, Vienna, Melbourne and Zurich.
In February, TfL revealed that its fares income was down £90m last year. It is currently planning to cut £16bn from its budget by 2020/2021 as it aims to become self-sufficient with its operating costs.
Sadiq Khan, the Mayor of London has frozen rates on buses and trams until 2020, but travel card prices are not under full TfL control. This is because the rates are set by the train operating companies.
A spokesperson for TfL said: London also has one of the most extensive set of travel concessions in the world with free or discounted travel for children, the over-60s, students and veterans.