Transport for London (TfL) is increasing its fares as it targets further improvement in the infrastructure of the network.

From January 19th, there will be an average hike of 2.7 per cent and the additional money will be used to fund greater capacity and more reliable services.

TfL has identified a number of key improvement projects for the next ten years, including the Northern line extension to Battersea via Nine Elms and the purchasing of an additional 1,700 hybrid buses.

While Oyster pay as you go and contactless single fares will swell by 5p, anytime adult and child rate Day Travelcards are going up by an average of 3.1 per cent.

"Every penny of TfL income, including fares, is reinvested to run and improve your services," the organisation stated. 

This comes after Network Rail recently introduced an increase in its prices, although it was the lowest hike in a decade.