London Mayor Boris Johnson’s latest hike on public transport fares have been dubbed “a painful squeeze” on commuters’ finances.

The price of tube, buses, London Overground, Docklands Light Railway (DLR) and tram journeys will all increase next January, in the move which Mr Johnson says will enable an unprecedented �12billion investment into London’s transport network.

But local London Assembly member, Jennette Arnold, is outraged at the price hike, which will see a single bus fare rising by more than 50 per cent since the London Mayor came to office in 2008 - from 90 pence to �1.40.

Ms Arnold said: “This is another painful and unfair squeeze on the pockets of anyone who has to use public transport.

Mr Johnson said that any increase in tough times was difficult.

“This is a package that has sought to balance the needs of today’s passengers whilst ensuring we continue apace with plans to overhaul London’s transport system in the face of unprecedented demand,” he said.