Fares for 2015 - the Chancellor speaks

[snoggle]

The Chancellor has announced that he has extended the cap on RPI based increases for National Rail tickets. Interestingly the flex element for higher increases on some ticket types within the fares basket has also been withdrawn by the Chancellor. The wording of the announcement suggests that Tube fares are caught by this announcement but no funding announcement for TfL is included. This clearly puts Boris and TfL in something of a bind if no government funding has been provided. This means more savings will almost certainly have to be found in TfL’s business plan if the Mayor feels obliged not to implement a RPI+1% increase. Alternatively he may just shove fares up anyway given he’s not defending his record in 2016. We shall see what happens in due course – perhaps this year’s announcement will get back on schedule after two years of delays and mucking around by the politicians? We also have the propsect of the “Part Time Travelcard” being announced for January.

Anyone would think there was a general election due or that the Chancellor was stealing the Labour Party’s policies!!

[snoggle]

Boris has confirmed this morning that he has had some money from the Chancellor's "piggy bank" which means TfL's fare rise will be capped to inflation (2.5%). This still possibly means a PAYG Bus fare of £1.50, 10p on medium to longer distance tube fares and 80p a week rise in the Z12 Travelcard. That's just apply the increase to existing fares and rounding up as necessary. Clearly we'll see when the actual announcement is made later in the year.