August is traditionally a slow month, and rises in railway fares, usually announced around now, can reliably be counted on to generate a little controversy. Many fares are regulated by the government; train companies may raise them only according to a set formula that limits fare hikes to one percentage point above the rate of inflation measured by July's increase in the retail-prices index (RPI). This year, though, the news looks genuinely dramatic. Rail passengers could be hit by some of the biggest fare rises in decades. The need for spending cuts may change the way the railways are funded for good.
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