Thank you for contacting me about the Railways Bill.
I am afraid that I was unable to attend the event you mention on 15 April, however, I welcome any changes to the Railways Bill that improve journeys for passengers and create a better rail industry. That is why the Conservative Opposition has put forward dozens of amendments to ensure that groups such as veterans and young people can still access discount schemes, alongside maintaining a strong regulator, listening to the views of the travelling public, and ensuring that fares are set fairly. This includes a proposal that the Passengers’ Council must, at least once every twelve months, assess the levels of satisfaction among users of public passenger railway services.
I hope this demonstrates a commitment to improving the Railways Bill. However, I should be clear that I believe the Government’s focus on rail should be on increasing competition and bringing down prices for passengers, that would truly lead to growth in freight and result in the expansion of new routes to serve locations across the country. These are some of the same objectives, but I do not believe they would be achieved by excluding the private sector.
It would not be appropriate to abolish private rolling stock companies. It is important that the Government ensures passengers, and the taxpayer receive value for money from the railways. As part of this, we should ensure that private investment is able to continue. Rolling stock assets have long lifespans. These long-term investments made by rolling stock owners transfer risk from the Government to the private sector. They also mean that such capital does not need to be spent by the Government on rolling stock, but can instead be invested elsewhere. As such, it would be a mistake to discourage private investment in the railways.
In addition, nationalising rolling stock would impose a significant cost on the taxpayer, with estimates in 2019 suggesting that purchasing existing trains would cost the Government nearly £14 billion. Irrespective of the precise sum today, we can see this would be an enormous cost, and it would be deeply irresponsible to incur this financial burden.
Thank you again for taking the time to contact me.
