Britain has been more inspired than ever to cycle, thanks to Team GB’s fantastic performance in cycling at the London 2012 Olympics. A survey carried out by British Cycling shows that 52% of people found themselves inspired to cycle after watching the country’s achievements at the Olympics, and 87% of those inspired were also encouraging their children to cycle.
Boris bikes were introduced back in the summer of 2010 as a scheme to get Londoners cycling rather than driving. Since they were introduced, over 17 million journeys have been made using Boris bikes.
On 2 January 2013 the scheme increased its prices by an inflation-busting 100%, 24-hour access has doubled from £1 to £2, weekly access has risen from £5 to £10 and yearly memberships have increased from £45 to £90. These price hikes are more than 30 times the current rate of inflation and around 25 times the average rise in rail fairs.
Cyclists are split in their opinion about the new price increase; for many, it is making them think twice. Cyclist Daphne Grey has said that the yearly price of £45 has always worked out well for her economically, and that she’ll have to seriously consider whether paying £90 a year is worth it. In contrast, architect Martin Wright says the price hike won’t make a difference to him as most of his journeys are 20 minutes or less which are free – he also makes the point that despite the increase, £2 is still cheaper than taking the tube.
A TFL statement said: “The access fee increases are the first since the scheme was introduced and will be used to make improvements to the future operation of the scheme.”
It added: “The majority of cycle hire trips are made within the free 30-minute usage charge period and additional charges for late return, non-return and bicycle damage will not increase.”
If you are struggling to cope with public transport price hikes, it may be worth speaking to an accountant. For more information, please see our Personal Finance page.
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