Urban Speed Limit Reduction (USLR) policies, aimed at enhancing road safety and reducing emissions, pose substantial implications for public transport (PT) operations. This study evaluates the impact of implementing a USLR policy in The Hague, Netherlands, reducing speed limits from 50 km/h to 30 km/h on select streets. A multimodal simulation model was employed to quantify changes in PT travel times, operational costs, and modal share. Results indicate a modest average increase of 1.2% in PT travel times, with corresponding timetable hours (TTH) rising by 0.9% and no increase in PT modal share. This would lead to elevated operational costs without increased ridership or revenue. On a city level, the modal share of bikes increases with 0,2% while the modal share of cars decreases with 0,2%. Locally, the results show changing trip destination choice, mode choice, and route choice to circumvent the USLR policy. The findings underscore the need for targeted mitigation measures, such as traffic flow optimizations and speed segregation, to offset increased costs and maintain PT efficiency. This research highlights the nuanced trade-offs of USLR policies, providing actionable insights for urban policymakers and transport operators.