Transport for London (TfL) is aiming to save £16 billion in its latest business plan.

While it is still in the draft stage, this scheme covers TfL's actions and expenditure up until the 2020-2021 financial year.

London's mayor Boris Johnson stated a need to look ahead at future schemes, including extending the London Underground (LU), improving road networks and the development of Crossrail Two.

He said: "We have never been in a better position to invest in our own future and continue to deliver a transport network fit for a world class city."

The announcement comes after the mayor declared LU prices would only rise 3.1 per cent in January, compared to an anticipated 4.1 per cent. This will keep fees in line with the retail price index (RPI), which is meant to be a more realistic representation of inflation.

However, travelcards will still rise by the full amount because they cover access to the National Rail and they need to match the network's price hikes of one per cent above RPI.

TfL's board will review the proposed plans on December 11th.