Autumn Budget 2024: Train fares and price of railcards to rise
The price of a train fare in England is to rise by up to 4.6 per cent in 2025, it has been announced.
A Budget document published by the Treasury also revealed that the price of most railcards will also increase by £5.
The increase in fares is one percentage point above July’s Retail Prices Index (RPI) measure of inflation, which until 2023 was used by Westminster governments to set the cap on annual rises in regulated fares.
The Budget document added that the 4.6 per cent rise will be “the lowest absolute increase in three years”. Changes to fares will come into force on 2 March, 2025.
About 45 per cent of fares on Britain’s railways are regulated by the Westminster, Scottish and Welsh Governments.
They include season tickets on most commuter journeys, some off-peak return tickets on long-distance routes, and flexible tickets for travel around major cities.
Train operators set rises in unregulated fares, although these are likely to be very close to changes in regulated ticket prices because the companies’ decisions are heavily influenced by governments due to contracts introduced because of the coronavirus pandemic.
The Budget document also stated that the Government will “agree” to a £5 increase in the price of most railcards “subject to an industry proposal”. The railcard for disabled passengers will be unchanged.
The Treasury said railcards, which generally cost £30 per year, save users an average of “up to £158” annually.
The announcement comes as the Chancellor Rachel Reeves also revealed that the Transpennine upgrade to connect York, Leeds, Huddersfield and Manchester will be secured under the new Labour government.
Reeves said the money would deliver “fully electric local and regional services between Manchester and Stalybridge by the end of this year, with a further electrification of services between Church Fenton and York by 2026 to help grow our economy across the North of England, with faster and more reliable services”.
She added that the government will deliver East-West Rail to drive growth between Oxford, Milton Keynes and Cambridge.