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."