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Railcards offering young people cut-price train tickets are set to be extended to anyone under 30 years old.

Chancellor Philip Hammond will announce proposals for a new discounted railcard for 26 to 30-year-olds in Wednesday’s budget.

The so-called 'millennials card' is expected to operate on a similar basis to the current 16-25 railcard, which has been available in one form or another since 1974.

The railcard currently costs £30 a year and entitles the holder to a third off the normal fare.

Mr Hammond will say ministers are working with industry figures with a view to launching the new 26-30 card in spring 2018.

The Treasury estimates that an additional 4.5 million young people will become eligible for discounted fares under the scheme.

Jacqueline Starr, managing director of customer experience at the Rail Delivery Group, the trade body for train companies and Network Rail, said: "It's good news that government has chosen to build on the trial of a 26-30 railcard by Greater Anglia on behalf of the wider industry.

"A key commitment in our long-term plan to change and improve is to boost communities by enabling more people to travel by train and that's why we developed this proposal."

The Chancellor will also use his Commons statement to announce a review of airline insolvency arrangements following the recent collapse of Monarch Airlines, leaving 110,000 passengers without a flight home.

In response, the Government and the Civil Aviation Authority launched the UK's biggest peacetime repatriation, organising more than 500 flights to bring back those stranded overseas - an operation ministers are anxious to avoid repeating.

The review, to be headed by an independent chairman, will also look at the "uneven" nature of consumer protection for passengers highlighted by the Monarch case.

It is expected to issue its interim findings by summer 2018, with the final report due by the end of the year.