(27 Feb 2020, 3:10 pm)RM2186 wrote London Bus services received a £722 million subsidy to produce nice cheap fares for those that earn a greater wage than those outside. Something wrong there and maybe answers your question as to the reasons fares in the North East are comparably higher.
The subsidy covers a range of things such as Fuel, Promotion (which is far better than up here), Cleaner Buses amongst a whole host of benefactors. Tfl no longer get subsidies by the way.