The annual increase in rail fares may have to be adjusted upwards in order to reduce the rail industry’s call on the taxpayer, transport secretary Philip Hammond has admitted. Hammond said he could not guarantee that the existing policy of RPI+1% fare rises every January would be retained. “We are hoping we will be able to hold on to the [pricing] formula but we need to wait for the spending settlement before I can say exactly what I have to do next year,” he told The...
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