Intervention necessary with losses overwhelming track and train upgrade and investment commitments, says entrepreneur
Sir Richard Branson has defended the government bailout of Virgin Trains East Coast, saying he and partner firm Stagecoach have lost more than £100m running the route.
In the Virgin Group owner’s first public comments on the controversy, he said that the “promise of a huge upgrade” of the line that is set to be delayed meant “a discussion with government had to take place”.
