First Great Western response to the Autumn Statement
Thursday 05th December 2013
Following the changes to the Government's fares regulation announced in today's autumn budget statement, First Great Western has started the process to re-set the fares that will apply from 2 January onwards.
Earlier this afternoon, the Chancellor announced that he was changing the formula for fares calculations from RP+1% to RPI+0% - or from 4.1% to 3.1%, however, this change was too late for train operators to change fares already prepared and planned to be released for purchase within the next few days.
The new fares will now be released to the public later this month to allow First Great Western, along with all other train operators, time to make the fare changes needed. In the meantime, tickets purchased for travel after 2 January will continue to be available at current prices.
First Great Western Managing Director Mark Hopwood said:
"We welcome the Government's decision today to peg regulated fares to inflation, which will also be appreciated by our customers.
"A consequence of today's announcement is that all of our fares for travel after 2 January 2014 now have to be recalculated, checked and input into the industry fares systems in much less time it would normally take. We will be working around the clock to make that happen.”