"Future Fares Policy - Seeking Your Views", published today, is a discussion document, not a policy paper. No decisions have yet been made.

The three - month consultation marks the first major review of fares regulation conducted since privatisation in 1996. The outcome will inform the Authority's thinking on a wide range of fares related issues and should lead to policy changes being implemented from 2004.

Announcing today's consultation SRA Chairman, Richard Bowker, commented:

"The time is right for a thorough investigation of rail fares. The original policy achieved many of its objectives and has helped to bring growth of a third in rail passenger volume.

"The debate starts here. Today's consultation will help us create a policy that will strike the right balance between the needs and aspirations of passengers, taxpayers and train companies. Fares play a part in funding investment in the rail industry. In devising a fares policy for the future, we will need to align decisions with the revitalised 21st century railway we are creating through our Strategic Plan".

Key issues to be addressed include whether more, or fewer, tickets should be regulated; whether regulated fare levels should continue to decline in real terms; the link between fares changes and performance; scope for simplification of fares structures and types.