Labour would seek ten per cent rail fare cuts, says party leader Jeremy Corbyn

Taking the railways back into public ownership would generate enough money to cut rail fares "by as much as ten per cent," according to Jeremy Corbyn's campaign to retain the leadership of the Labour party.

The plans, announced as it was revealed that rail fares are set to go up by 1.9% in January at a time of passenger malcontent over the franchise holder Govia Thameslink and the unions, goes further than the policy at last year's General Election to freeze rail fares for a year whilst reviewing the franchising system and thereafter "bearing down on fares".

Allowing local authorities to establish municipal bus companies would also raise "more than £500m every year" to invest in increasing bus routes and capacity, as well as "saving £2.8bn over the next decade which would otherwise have gone into dividends for private shareholders in private bus companies," the Corbyn campaign asserted. 

But the Corbyn campaign was attacked by his own MPs for undermining their campaigning on fares this year and for claiming some existing Labour policies such as on bus franchising as his own. A campaign spokesperson told the Huffingston Post that the nationalisation policy was new and was backed by the membership.