People in the capital are spending more money on transport including rails, aeroplane and buses, £27 a week, according to Family Spending Survey by the ONS. Transport stood out as the highest cost, accounting for 14 per cent of the overall family spending in 2014.
London is the place where people spend mostly on public transport; people averagely pay £27 for the travel weekly. And from 2 January the rail fares will be increased further by 1.1 per cent, as the Rail Delivery Group (RDG) announced. Paul Plummer, group strategy director, said despites the increasing fares, the money now almost covers the cost of daily operating.The ONS noticed a rising trend in transport expenditure over the last three years, rising up to £74.8 per week. People are likely to spend more for their commuting. Before 2012, transport costs fell.
Rail transport is one of the most common choices for travel in the UK. The government commitment to deliver a less expensive transport during the 2015 election. Tories pledged the rise of fares would not go up more than inflation, which is one per cent. “The cost of commuting is one of the biggest household bills that hardworking families face and it is something we are determined to bear down on,” David Cameron said.
The policy of freezing the fares was initiated by George Osborne in 2014 against a backdrop of a 2.5% rise in rail fares in the last year. As the act is continuously enforced, Tories predicted it would save commuters £400 by 2020.
In the other aspect, people in London pay the lowest spending on personal vehicles, compared to the other areas in the UK. Congestion is the biggest concern of the people living in the capital. According to the latest figure released by Department for Transport, one third of people in the UK see traffic congestion on motorways as a serious problem.
Despite less preferable choice of personal transport in London, the survey says the higher spending on transport has been resulted from an increase in purchases of new and second hand cars. This makes up one third proportion of the overall expenditure.
The vehicle market in the UK has been seen a noticeable growth last year as over 2,4 million cars have been registered, as the data released by The Society of Motor Manufactures and Traders (SMMT). The figure of new vehicles purchased will be higher in this year.