Jeremy Corbyn’s plan to nationalise the railways won’t stop ticket prices going up, warns Labour ally

JEREMY Corbyn’s plan to nationalise the railways won’t stop ticket prices going up – one of his biggest allies has said.

Shadow Transport Secretary Andy McDonald said the policy wasn’t about “freezing or reducing” the cost of travelling by train.

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He said Labour would instead “substitute” the measure of inflation which is used to set annual train fare hikes to the cheaper Consumer Price Index – currently running at 2.3 per cent.

Mr McDonald told Sky News: “It’s not about freezing or reducing fares but substituting the Retail Price Index every year with the lower rate of inflation.

“That will be bring about very significant savings for people.

“As wages rise, people would find them much more affordable and much more within their reach than now.”

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Last year Jeremy Corbyn said switching from RPI to CPI would save the average rail commuter more than £200 a year.

The inflation link only applies to regulated fares – which make up about 45 per cent of the total across the UK.