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Some train fares may drop in 2010

25/02/2009

Train companies will probably be compelled to cut the price of season tickets and off-peak fares, The Times reports. This will be the first time since privatisation.

Changes to the fares in question are governed by a formula which states that the annual rise in January may not be more than 1% above the RPI (Retail Prices Index) figure the previous July.

Given that the RPI measure of inflation is expected to be negative soon - and probably between -2% and -3% by this July - this means rail companies will be compelled to reduce the cost of some of their fares at the start of 2010.

"RPI will be significantly negative in July, according to independent forecasting," said a spokesman for the DfT (Department for Transport). "Andrew Adonis [the Rail Minister] will tell the Transport Select Committee that if these predictions prove accurate then the Government intends to allow regulated fares to fall. He will dismiss any suggestions that fares might be frozen simply to benefit the train operating companies, as this would be grossly unfair to passengers."

"A recent report by watchdog Passenger Focus revealed that fares in the UK tend to be far higher than they are in other European countries," a spokesperson for Debt Advisers Direct commented, "so any reduction in price will be welcomed by passengers."

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according