Business

The cost of train travel is set to rise by almost 5% next year, according to the government.

In England, regulated rail fares will increase by up to 4.9% from 3 March 2024, the Department for Transport has said.

The government says the new 4.9% cap is lower than the equivalent in Scotland, where prices will increase by up to 8.7%.

Transport Secretary Mark Harper said: “Having met our target of halving inflation across the economy, this is a significant intervention by the government to cap the increase in rail fares below last year’s rise.

“Changed working patterns after the pandemic means that our railways are still losing money and require significant subsidies, so this rise strikes a balance to keep our railways running, while not overburdening passengers.

“We remain committed to supporting the rail sector reform outdated working practices to help put it on a sustainable financial footing.”

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Articles You May Like

‘The money wasn’t in our accounts because it didn’t exist’: Son’s anger after mum jailed in second Post Office scandal
Iceland volcano erupts for seventh time in a year
Bitcoin edges higher as tensions mount between Ukraine and Russia
Mitchell scores 37 as Cavs stretch record to 14-0
Trump watches SpaceX launch, but test flight does not go as planned