Midland Red seeks more fares increases
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FOR the second time in six months Midland Red is seeking permission to raise rares. They are being sought because of drastic cost increases since the last fare revision six months ago which, if calculated on an annual basis, would add £1.3m to the company's costs. The fares increases, if approved, average 11 per cent and add lp to 5p to existing fares. In a statement, the company's director and general manager, Mr Keith Holmes, said that even with the fare increases it was likely that the company would do no more than break even by the end of the year. The cost increases were accounted for by £750,000 for threshold payments and other wage awards coupled with increased costs for tyres, spares and oil and an extra £60,000 on the rates.