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Fares across London's transport network will rise by less than previously thought next year, the city's mayor has confirmed.

Boris Johnson said fares will rise on average by 6% rather than 7%, because of extra funds from the Treasury.

"It means we can reduce the increase in January," he said.

But Labour's London mayoral candidate Ken Livingstone thought a 6% rise was still too much, stating: "It's absolutely crucial to keep fares down."

Chancellor George Osborne is expected to announce details of a cap on rail fares on Tuesday.

Mr Johnson, who is chairman of Transport for London, said despite the announcement of lower fares than previously thought, "every single penny of investment in transport infrastructure" would be kept.

Mr Livingstone said: "The mayor's got it right by freezing the council tax during this economic crisis.

"I just don't understand why he doesn't take the same approach to fares."

From next year, The Tube, buses, London Overground, Docklands Light Railway (DLR), boats and Tram services will all be affected by the fare rise equivalent to the Retail Price Index (RPI) plus 1%.

Some services may increase by more than 6%, while others will rise by slightly less.

Free and concessionary travel for older people, students, veterans and disabled Londoners will remain in place.