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            october 15, 2018

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Indiaexportnews.com

Re-nationalisation mooted as state takes over failed rail line

  22.05.2018    

The British Government will take control of a London-Edinburgh rail line, raising the question of whether the railways should be re-nationalised, reports Bloomberg.
Stagecoach Group Plc and ally Virgin Trains will be stripped of the East Coast Main Line contract on June 24, with the route placed under the control of an "operator of last resort", Transport Secretary Chris Grayling told the Commons.
The collapse of a franchise awarded in 2014 marks the third time in a decade that private companies have bailed out of running the 400-mile line.
Mr Grayling said that while there'll be no nationalisation, East Coast will be recast as a partnership between public and private sectors.
The opposition Labour Party favours taking the UK network back into public ownership, with its lawmakers immediately challenging Mr Grayling and saying the latest failure shows that the franchise model is fundamentally flawed.



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