A politician has called the Mayor of London’s decision to freeze Tube fares “reckless” and said his policies have “worsened the state” of Transport for London’s (TfL) finances.

Yesterday the London Assembly budget and performance committee met to discuss TfL’s £1 billion deficit.

Last month TfL bosses said they were “confident” they could get rid of the debt by 2022.

They also said that in a bid to get rid of this debt they would be increasing their income from passenger fares.

But the chairman of the budget and performance committee Gareth Bacon was quick to criticise the fare freeze that was brought in by the Mayor of London, Sadiq Khan when he became mayor.

These fare freezes included all bus and pay as you go fares on the Tube and DLR services which TfL said make up 70 per cent of public transport journeys in London.

Mr Bacon said: “Londoners are now paying the price for the Mayor’s reckless policies. His partial fares freeze has resulted in cuts to vitally important infrastructure projects and worsened the state of TfL’s finances.

“To fill his black hole, the Mayor is hoping that commercial revenue will increase by an unrealistic 50 per cent, that fares will rise sharply in each of next five years, despite falling in each of the past four, and that record-breaking levels of efficiencies can be found in the organisation.

“To say that these claims should be treated with caution is a significant understatement.”

TfL also said that steps to cut its spending by £1.2 billion by 2022 included stopping road renewals; buying new trains which and cutting bus services by seven per cent over the next five years.

They also predicted that the new Elizabeth line, which will open in December, will generate a revenue of £151 million in the first fourth months of its opening.

The director of London School of Economics, Tony Travers, said that TFL’s projections for fare yield were ‘significantly optimistic’.