A fare increase could hit low-income families in the pocket with some commuters facing an extra £40 a month on their bills.

Labour has confirmed the single bus fare cap in England will increase from the current £2 to £3 in the Budget tomorrow (October 30).

The increased cap will be in place until the end of 2025, affecting most bus journeys in England.

Adam French, personal finance expert and senior editor at NerdWallet, said the change could have a major impact on those who rely on public…