The government’s new two-pound bus fare cap, set to launch in January and last until 2027, promises to slash fares by a third and help millions cope with rising costs—but its funding is still a mystery. The Transport Secretary admits the £454 million needed hasn’t been fully sourced, with plans to shift climate grants into loans and use budget underspends. Meanwhile, a separate VAT cut on electricity bills, which could save £850 million, also stumbled due to lack of funding for its replacement scheme. With the new Chancellor under pressure to find cash for these initiatives in the upcoming Budget, the government’s fiscal credibility is being tested.
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