My (short) letter to The Times on franchising

The row over pension funding highlights the impossibility of transferring real risks to the private sector. For its shareholders’ benefit, Stagecoach was right to refuse to accede to Chris Grayling’s demands. However, rather than continuing to hand over contracts to foreign state-owned enterprises (the only ones prepared to take on these risks), the Department for Transport should abandon the whole structure and reintegrate the railways.

Christian Wolmar, rail analyst and author

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