Question to the Department for Transport:

To ask the Secretary of State for Transport, what estimate she has made of the total value of (a) debts, (b) leases and (c) other liabilities per railway operator the Government will be taking on following completion of the railway nationalisation programme.

In response to the Covid-19 pandemic, the Government implemented emergency contractual arrangements which involved taking on all revenue and the vast majority of cost risk from the train operating companies. Therefore, public ownership of these rail services is not expected to change the Government’s financial exposure. For example, it is expected that future transfers into public ownership will see existing rolling stock leasing arrangements novate to the new public sector operator on existing terms, and so we do not expect changes to current cost estimates as a result of the transfer of operations into public ownership. Relatedly, to drive value for passengers and taxpayers, the Department is working on a long-term rolling stock and infrastructure strategy, which will be the first for over 30 years, both to give certainty to the manufacturing and assembly market and to pursue modern standards of carbon-friendly traction and passenger comfort and accessibility.