Q&A: How Livingstone will find extra cash

Can TfL afford this plan?

Yes, but it would inevitably mean cuts elsewhere. Despite huge budget reductions earlier this year and a £5billion "savings programme", TfL has billions worth of contingency reserves.

Ken Livingstone is claiming the money for his fare cuts will come from a £728million surplus in TfL's operating budget.

What will Mr Livingstone's cuts mean to Londoners?

Under his plans, fares will be cut by an average of five per cent in autumn next year. He insists it will save the average Londoner around £800 over the course of his mayoral term.

Mr Livingstone's plans will particularly affect people living in outer London - hit by huge increases in the price of travelcards.

Will this affect the quality of service on the transport network?

Mr Livingstone claims that investment projects will continue as planned and told the Standard the quality of service on the Tube will increase" if he becomes mayor.

Boris Johnson has repeatedly said fare rises are in part due to Mr Livingstone for creating a culture of "boom and bust".

Mr Livingstone presided over a series of fares increases while mayor but dramatically froze them before the 2008 election. Mr Johnson said that decision left TfL with a "black hole" in its budget - forcing him to increase fares.