London Mayoral candidate Ken Livingstone today pledged to cut fares across the capital by five per cent should he be elected next year.

Delivering the policy announcement by text message from the Labour Party Conference in Liverpool, Mr Livingstone also vowed to freeze fares until 2014, from when they would only increase in line with inflation.

He said: "As the cost of living has been rising and wages have been squeezed, Boris Johnson's fare increases have really piled on the pain.

"They're going up by seven per cent in January and that's on top of seven per cent this year."

He said surpluses "being stacked up" in the Transport for London (TfL) coffers would cover the cut and the freezing of fares.

The pledge comes days after London Mayor Boris Johnson unveiled his own scheme to help commuters, cracking down on firms who neglect roadworks, clogging up city streets.

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