status The legal identity of London Buses is London Bus Services Limited (LBSL), a wholly owned subsidiary of Transport for London. East Thames Buses was the trading name of another wholly owned subsidiary of TfL called, rather confusingly, London Buses Limited (LBL). LBL was formed on 1 April 1985 as part of the privatisation of London bus services, and acted as an arm's-length subsidiary of TfL's precursor organisation, London Regional Transport (LRT), holding twelve bus operating units (from late 1988) and other assets. The operating units were sold off in 1994/95, and their purchasers make up the majority of companies awarded bus operating tenders from the current London Buses (LBSL). After 1994/95, the LBL company lay dormant, passing from LRT to TfL. It was resurrected when East Thames Buses was formed, separated by a Chinese wall from LBSL, and acted as a London bus operator by proxy. Scope The local bus network in London is one of the largest and most comprehensive in the world. As of March 2021, 9,068 buses operate on over 700 different routes. In 2019/20, 2.09 billion passenger journeys were made. Fares and concessions Buses in the London Buses network accept Travelcards, Oyster card products (including bus passes and Oyster pay as you go) and contactless debit and credit cards. Cash fares have not been available since 6 July 2014, but Day Bus passes (issued either as a single use Oyster card, or on paper from station ticket machines) were re-introduced on 2 January 2015. Single journey fares used to be charged in relation to length of journey (fare stages), but are now charged as single flat fares for any length of journey. From 2000, the flat fare was higher for journeys in Zone 1 than in outer zones, although from 2004 this difference was eliminated, the change coinciding with the introduction of Oyster card flat fares. , the single fare is £1.65. With Oyster pay as you go, users are charged a set amount for single journeys, although there is a "daily cap", which limits the maximum amount of money that will be deducted from the balance, regardless of how many buses are taken that day (from 04.30 to 04.29 the next day). Alternatively, weekly and monthly passes may also be purchased and loaded onto an Oyster card. Passengers using contactless payment cards are charged the same fares as on Oyster pay as you go.