If the government continues to tie rail fares to wage growth, the costs could rise sharply next March.
, if the government uses the same method to calculate next year’s rail fares, we could see a rail price rise of almost 8%.below last year’s July RPI figure of 9%, and their plans to delay the increases until March instead of the usual January
“Following last year’s biggest ever Government intervention to cap rail fare increases well below inflation, we’ll continue to protect passengers from cost of living pressures and we will not increase next year’s rail fares by as much as the July RPI figure,” a DfT spokesperson said. “Any increase will also be delayed until March 2024, temporarily freezing fares for passengers to travel at a lower price for the entirety of January and February as the Government continues with its plan to halve inflation.”of 7.8%. If we use the most recent wage-based method to calculate the new fares, campaigners like CBT worry that we might race record fees.
Even a smaller hike would lead to many season tickets costing more than £5,000, according to CBT’s calculations.
“We have said that we will keep it below inflation. Obviously I will be working closely with Mark Harper, the secretary of state [for transport], on what mechanism to use,” John Glen, chief secretary to the Treasury,This only applies to England ― Scotland and Wales haven’t announced their 2024 plans for rail fares yet, and Northern Ireland uses a different system altogether .
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