London runs a hybrid system. The government, that means Transport for London (TfL), owns, plans and regulates the whole bus system, the network. So, they own the buses, they plan the routes, they set the rules, they tender out routes to operators. The operators take over the equipment, take over the staff, they run the routes for a period. The operators are private sector and they operate on a fixed-price contract, full profit. The fares are not cheap: per trip is more than S$3, which is 1.5 to four times Singapore prices. And every year, the fares go up, more or less automatically, RPI + x; RPI, the price index plus x, which is 1%-2%, because wages go up more than general cost of food and consumables, so every year the prices go up.