I see the headlines for this initiative announced today is "Rail Fare Freeze" http://www.bbc.co.uk/news/election-2015-32245068 Reading down, it however seems that it is not a freeze but keeping them in line with inflation. Further on, it only applies to regulated fares, which progressively seem to cover less and less of journeys as TOCs become adept at pushing unregulated fares and restricting trains that regulated tickets are permitted on. It presumably also does not cover rail within London, a non-inconsiderable percentage of the total, where fares on Oyster have rocketed way beyond inflation in recent years. I've never been clear how these variations in the increase allowed work through to TOC revenue, or not, on established franchises. Is there a formula that adjusts government subsidy dependent on what increase they allow, or not.