The federal government is making good on an election promise to cut costs for those traveling on Marine Atlantic ferries.

Prime Minister Mark Carney made the announcement this morning in Prince Edward Island with the Confederation Bridge as his backdrop.

Ottawa is providing funding to cut fares on Marine Atlantic, a vital extension of the Trans Canada Highway, by 50 per cent for passengers and passenger vehicles, and freeze commercial freight rates.

The changes take effect Aug. 1st, this Friday, and will apply to bookings made for travel on Aug. 1st and after.

“The reductions to the Marine Atlantic fares in Newfoundland and Labrador alone are expected to bring over $28 million into that province’s economy and boost out-of-town, out-of-province tourism,” says Carney.

The federal government is also cutting tolls for those driving over the Confederation Bridge to $20, and fares are being cut by 50 per cent for passengers, vehicles and commercial traffic on the Eastern Canada ferry services that are federally supported.