Politics 7 November 2012 Boris quietly announces 100% rise in bike fares Bike hike. Sign up for our weekly email * Print HTML A good day to bury bad news. With the eyes of the media fixed on the US, Boris Johnson has quietly released a statement: the cost of using "Boris Bikes" is to double in 2013, accompanying a 4.2 per cent rise for bus and tube fares. Hiring a bike will now cost £2, buses will be £2.40, and Oyster rates are jumping to £1.40. But Boris claims that he has fought back possibilities of even higher prices, winning £96 m government funding for transport in London. The funding will go towards expanding travel services - with 600 new buses and 400 new hybrid buses as well as work on the Crossrail system. Boris Johnson said in a statement: "Before the end of the year I will spell out further investment on the transport network that will help us to provide faster, more frequent and reliable journeys for Londoners; and is crucial to the economic development and growth that is so vital to our great city." "This fares package is hugely important to our millions of passengers and I am very pleased to have secured nearly £100m that will help to keep fares as low as possible, and protect the important concessions that we offer the most vulnerable Londoners." › New Statesman cover | 12 November Boris Johnson announces bike price hike. Photograph: Getty Images Subscribe from just £1 per issue More Related articles Diversify your income in increasingly concentrated UK markets How Brexit will affect boob jobs, hip replacements and other medical devices What happens when the European Medicines Agency leaves the UK?