By Guy Taylor An inflation-busting five per cent hike in rail fares has been dubbed “outrageous” amid soaring cancellations and ongoing industrial action. Sunday’s increase is above the current inflation rate of four per cent and comes in contrast with policy in London, where public transport fares have been frozen for the current year. Fares have risen continuously in recent years despite Britain’s railway network going through one of the most turbulent times in its history. Cancellations have risen to the highest levels in a decade and the industrial dispute with unions has raged for well ov…