Biggest change since 90s privatisation looks to halt franchise failures, reform fares and, for the Treasury, slash costs
Sweeping reforms to bring the railway’s track and trains together under a new Great British Railways will be set out this week – but reforms of fares will be limited, with the industry braced to have its budget slashed.
The Treasury is understood to be demanding cost cuts of between 10% and 20% after expanding its subsidy to the rail industry by £10bn during the Covid-19 pandemic as fare revenue dropped away. Unions have warned they will fight cuts to maintenance budgets and workforce terms and conditions.
