Rail fares rise by 2.7%, hitting millions of commuters
January 2, 2020, 10:58 am

Rail fares rise by 2.7% hitting millions of commuters

Millions of commuters will have to pay an average of 2.7% more for train tickets from today.

The rise, announced by industry body the Rail Delivery Group in November, is lower than the 3.1% increase at the start of last year.

Train companies say it is the third year in a row that average fares have been held below RPI - the inflation measure on which rises are based.

But many commuters face an increase of more than £100 for annual passes.

Transport Secretary Grant Shapps cited a new fund for trials for flexible fares as an example of how the government was committed to "putting passengers first".

He said he planned to tackle the "fragmented" system and had begun the process to end the franchise for Northern Rail, whose performance was "completely unacceptable".

"You can judge me on this at the end of the year," he told BBC Breakfast. "These changes are going to take time but I think people will see things moving in the right direction."

But Labour's shadow transport secretary, Andy McDonald, said the rise showed passengers were "once again paying more for less under the Tories".

Independent watchdog Transport Focus says most rail users (53%) do not feel train ticket prices offer value for money.

The watchdog's director, David Sidebottom, said: "After a year of pretty poor performance in some areas, passengers just want a consistent day-to-day service they can rely on and a better chance of getting a seat."

He encouraged passengers to claim compensation for eligible delays in order to "offset" the cost of fare rises.

Season ticket rises

Some annual passes go up by more than £100

£132Reading to London. Total £4,736

£118Gloucester to Birmingham. Total £4,356

£116Glasgow to Edinburgh. Total £4,200

However, Robert Nisbet, director of nations and regions for Rail Delivery Group, said rail companies were investing in improving journeys while holding fare increases below inflation.

He said 2020 will see 1,000 extra weekly services and 1,000 more carriages added to Britain's rail fleet.

"There is a record level of investment going into the railway at the moment," he told BBC Radio 4's Today programme.

"For people who do suffer from poor punctuality in areas of the country, that could be for a variety of different reasons, we apologise. We are looking at at trying to make punctuality much better across the board," he said.

Official statistics show that just over one in three trains failed to arrive on time in July, August and September 2019, although that figure was an improvement on the previous year.

Passenger complaints

About 40% of annual rail price rises are regulated by governments in England, Scotland and Wales. They are pegged to the Retail Prices Index (RPI) inflation measure for the previous July. Other fare rises are decided by train companies.

RPI inflation was 2.8% last year.

But RPI inflation is generally higher than the most widely watched measure of inflation, the Consumer Prices Index (CPI).

Passenger groups have repeatedly called for the system to be changed since RPI inflation was abandoned by the UK Statistics Authority as a national statistic in 2013.

Emily Yates, a freelance writer from Brighton who co-founded the Association of British Commuters, said the annual rises feel like "Groundhog Day" and a "complete charade".

"Every year, we ask for a fares freeze, the government says no, and the rail industry defends the decision," she said.

Protests will be held against the fare increase on Thursday, including a demonstration outside London King's Cross station.

The rallies come as the Trades Union Congress (TUC) releases research suggesting fares have risen by twice as much as wages in the last 10 years.

The TUC said someone earning an average salary in the UK would have to spend 16% of their wages for a season ticket from Chelmsford to London (£511 a month), but similar commutes would cost 2% of the average salary in France, and 4% in Germany and Belgium.

source:BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.