Yesterday, the Chancellor and Transport Secretary announced that there will be a freeze on rail fares.

Millions are set to benefit from the freeze on season tickets, peak returns and off-peak returns between major cities.

They are aiming to help reduce the cost of living, and as transport costs make up around 14% of household spending, this should help reduce costs.

Those commuting on some of the busier routes, with flexi season tickets, a commuter travelling to work fr three days can save:

• £175 each year for travelling between London and Woking
• £7 each year for travelling between Leeds and Bradford
• £315 each year for travelling between London and Milton Keynes

The new Railways Bill will create Great British Railways, which will be a publicly owned company that will improve standards and provide better value for money.

Next week at the Budget I’ll set out the fair choices to deliver on the country’s priorities to cut NHS waiting lists, cut national debt and cut the cost of living. That’s why we’re choosing to freeze rail fares for the first time in 30 years, which will ease the pressure on household finances and make travelling to work, school or to visit friends and family that bit easier.

Chancellor of the Exchequer Rachel Reeves