I was pleased that the first Bill put down by our new Labour government was the Passenger Railway Services (Public Ownership Bill). This legislation will effectively restore rail operating companies to public ownership over the next few years, as franchise contracts expire. We are taking the money paid to shareholders and ploughing it back into our railways for the benefit of all.

There is still work to be done if we are to end profiteering on our railways and deliver the best value for passengers. As long as the companies that lease rolling stock remain in private hands, passengers will pay more so these companies can pay their shareholders. It should be a Labour ambition to buy and own our trains directly too.