Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Rail fares in England to rise below inflation rate, ministers say

by August 15, 2022
August 15, 2022
Rail fares in England to rise below inflation rate, ministers say

Regulated train fares in England will rise below the rate of inflation next year to help people with the cost of living crisis, the government has said.

Before the Covid pandemic, fares were raised in January each year, based on the retail prices index (RPI) measure of inflation from the previous July.

The normal formula is RPI plus 1%. RPI in June was 11.8% – but it is not known what next year’s increase will be.

As well as being lower than RPI, the increase will be delayed until March.

Regulated fares cover about 45% of fares, including season tickets on most commuter journeys, some off-peak return tickets on long distances journeys and anytime tickets around major cities.

The June rate of RPI figure was the highest rate in more than 40 years.

In March, England and Wales saw the steepest increase in regulated train fares since January 2013, with a rise of 3.8%.

Rail fare increases are normally introduced on the first working day of every year but have been delayed until March every year since the start of the Covid pandemic.

Fares for rail services in Northern Ireland are set by state-owned operator Translink, which does not use RPI. The Scottish government has not announced its plan for next year yet. Wales usually matches changes made in England.

A Department for Transport spokeswoman said: “The government is taking decisive action to reduce the impact inflation will have on rail fares during the cost of living crisis and will not be increasing fares as much as the July RPI figure.

“We are also again delaying the increase to March 2023, temporarily freezing fares for passengers to travel at a lower price for the entirety of January and February as we continue to take steps to help struggling households.”

The pandemic saw a steep drop in the number of train passengers, as more people worked from home, and numbers have remained well below pre-Covid levels.

Rail workers continue to strike over pay, with unions calling for pay increases to match the rising cost of living.

On Saturday around 6,500 train drivers who are members of the Aslef union walked out in a dispute over pay with nine rail companies.

More strikes are planned for the coming week, with members of the RMT and TSSA unions walking out on 18 and 20 August

Industrial action will also be taken on 19 August by London Underground and London bus drivers.

Read more:
Rail fares in England to rise below inflation rate, ministers say

0
FacebookTwitterGoogle +Pinterest
previous post
At the Edge of Chaos: Summer Rally Sizzles as Bullish Trend Fueled by Stable Liquidity
next post
Amazon could avoid UK tax for two more years thanks to new tax break

You may also like

Octopus unveils renewables fund backing UK’s largest battery

August 25, 2022

Covid inquiry to hear Michelle Mone – linked...

February 27, 2025

Waracle secures three-year digital transformation partnership with SP...

August 26, 2024

UK Food Price Inflation Hits Nearly Two-Year Low...

February 27, 2024

National Insurance Contributions reversal – what can employers...

September 27, 2022

Looking ahead to 2025: Increased costs for employers ...

January 15, 2025

Chancellor heads to China in search of growth...

January 11, 2025

Getting to Know You: John Margerison, Serial Entrepreneur,...

May 9, 2023

Uber records first ever operating profit

August 2, 2023

Postmasters wrongfully prosecuted to receive unlimited compensation in...

July 30, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved