I’m sorry but this is nonsense. Those people who may have been tempted onto the bus by the £2 fare cap have now seen a 50% increase at the fare box. That’s the price they pay, which frankly is all that matters. And it does hurt, and it’s going to drive people back to their cars.
If we want a future where more people get the bus, headline fares have to be lower. If that means government has to step in to keep them artificially low, tough.
But the cap wasn't introduced as a means of attracting people onto buses, it was a temporary stop gap introduced during a time of rampant inflation and out of control energy costs. Both have since settled, and the minimum wage has risen twice since the fare cap was introduced.
Oddly, the fare cap was significantly more than that. It didn't simply prevent operators from raising fares as a result of inflation/energy costs, it significantly
reduced almost every existing bus fare, thus making fares artificially low. Locally, pre-cap fares were £1.80 - £2.70 for local journeys and £3.00 - £6.00 for longer journeys (upto around 18 miles).That was two years ago, those fares - after being artificially suppressed for 2 years - are now £1.90 - £3.00. The cynic in me thinks that if .gov had changed the cap to £2.50, operators would've totally done away with any sub-£2.50 fares, leaving us in a worse situation.
Of course, none of this is taking into account the existence of daily/weekly etc tickets, contactless capping etc either. I have no doubt that there are some people having to pay cash for a single on each leg of a multi-leg journey, in areas where they have to catch multiple buses operated by different companies. I also have no doubt that almost all of those people will still be better off with a £3 cap than they were before.