depends how you define 'elderly'
the statutory english national concessionary scheme allows for people of pension age (or people who have reached womens' pension age where they are still different) free travel on local bus services (with a few exceptions for special services like sightseeing tours and so on) anywhere within england between 0930 and 2300 monday - friday and any time at weekends.
local authorities can not give less than this, but they may, if they wish, give travel to their local (or any) pass-holders outside those times, or on other modes of transport (e.g. trams, trains, underground etc) and london has a discretionary scheme for people 60+ but not yet pensionable age.
i'm not fully in touch with what's going on in london, but think it's some of the discretionary bits which have been (or are going to be) cut back a bit.