Chancellor of the Exchequer George Osborne has confounded widespread media speculation that regulated rail fares would rise by 3.5% from January 2015 (an election year) by extending the fare freeze for another 12 months.
The freeze originally took effect in January 2014 following Osborne’s announcement that regulated fares would be capped in line with inflation, and not at RPI (Retail Price Index) plus 1% as has been the case since 2004.
The 2015 fares will not be above the RPI 2.5% rate,...
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