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Rail passengers facing steeper fare rises
3:39pm Wednesday 20th October 2010 in News
Rail commuters will face increased annual hikes in fares from 2012, Chancellor George Osborne announced today.
At present the annual increases in regulated fares, which include season tickets, are capped at 1% above the retail price index (RPI) inflation level.
Today Mr Osborne said that from 2012 the cap will be RPI plus 3% which - if introduced for next January - would have meant season tickets going up almost 8%.
Mr Osborne said the rise was needed to pay for new trains and improve passenger conditions.
Mr Osborne said the amount of money for transport projects over the next four years would be greater than for the previous four years.
He confirmed that the 16 billion pounds cross-London Crossrail scheme would go ahead and listed a number of other key projects that would escape the axe.
These included Manchester to Liverpool rail electrification, widening schemes on the M25, improvements to the M1, M4, M5 and an upgrading of the A11 in East Anglia.