Exact date train fares and railcards will rise next year after Budget 2024

Railcard and train ticket prices are on track for a hike next year, following the Chancellor's Autumn Budget announcements. Rachel Reeves delivered a 77-minute speech on Wednesday, detailing the Government's spending plans after Labour's win in the General Election.

Although rail fare adjustments weren't mentioned in Reeves' address to Parliament, HM Treasury later released further details. An executive summary stated: "The government confirms that the annual regulated rail fares cap will rise by 4.6% on 2 March 2025, one percentage point above RPI.

"This will be the lowest absolute increase in three years. Subject to an industry proposal, the government will also agree a £5 increase to the price of most rail cards (except the disabled person’s rail card). On average rail card holders save up to £158 per year."

These changes will affect 'regulated' rail fares, which typically include off-peak, anytime day, super off-peak, and seasonal tickets, all under government regulation. Unregulated fares, such as first-class, off-peak day, anytime, and advance tickets, set by train companies, remain unaffected for now.

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The updates currently apply only to England, with Scotland and Wales expected to announce any fare changes in the upcoming weeks, according to Martin Lewis MoneySavingExpert (MSE). Its writers have noted: "We're yet to hear what's happening, if anything, in Northern Ireland."

The Government says the measures, including both its ticket fare and the 17% increase to railcard prices, will aid its 'reform' agenda by enhancing 'efficiency' and diminishing expenses. "These policies will support the Secretary of State for Transport’s plans for reform, which will increase efficiency and reduce costs, while boosting ridership and revenue and improving performance, laying the groundwork for the transition to Great British Railways," the executive summary further explained.

Fare rises for tickets and railcards are set to come into effect from March 2, 2025.