http://www.bbc.co.uk/news/uk-england-london-12891117

Excerpt:
---quote---
London's mayor is to cut £7.6bn from the budget of Transport for London
(TfL) over the next seven years.

TfL is already in the middle of a £5bn "savings programme" but the RMT union
said the new cuts target "defies belief" and will lead to job losses.

The extra £2bn cuts will mean passengers could see fares rise by 2% above
the inflation rate - an annual rise of 7% - for the next four years.
[...continues...]
---/quote---


A slightly muddled story I feel, though perhaps that's because I've rather
lost the thread on the overall budget cuts situation given the various
different announcements over the past few years. (But £2bn on top of £5bn
doesn't come to £7.6bn!)