Treasury ramps up pressure on fares


The Treasury has written to five major bus companies in a bid to see falling crude oil prices translate into cheaper fares.

Holiday and travel companies were also contacted with calls to pass on extra profits to consumers.

Danny Alexander, chief Secretary to the Treasury, said companies that had enjoyed a boost in profits from oil prices having halved in less than a year to reach the $50 a barrel mark, should pass on ‘every last penny’ to the public.

Senior Liberal Democrat, Mr Alexander, is also reported to have written to London mayor, Boris Johnson, asking him to look into lowering bus fares.

'With fuel prices dropping across the country it’s right that the full benefits are passed on,' said Mr Alexander to the Telegraph.

‘While drivers are already seeing the cost of filling up the car come down, the millions of Britons who use the bus are still paying what they did a few months ago,’ he added.

Transport Network has previously reported on the refusal of bus companies to use lower oil prices to cut fares and has been told by Transport for London that there would be no move to lower bus fares in the capital.

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