East Coast rail 'bailout' could cost taxpayers hundreds of millions

Photo of East Coast rail 'bailout' could cost taxpayers hundreds of millions
Facebook
VKontakte
share_fav

Ending Virgin Trains East Coast’s contract could cost Treasury hundreds of millions

The East Coast rail franchise will be terminated three years early, avoiding the embarrassment of another private firm handing back the keys to the government but potentially forfeiting hundreds of millions in premiums due to the Treasury.

Under a rail strategy announced by the transport secretary, Chris Grayling, a new partnership model will replace the franchise contract of Virgin Trains East Coast (Vtec).

Continue reading...
view The Guardian: World News
#travel leisure
#virgin trains
#transport policy
#stagecoach
#east coast mainline
#chris grayling