The taxpayer subsidy of our railways has doubled under privatisation. Bringing the railways into public ownership would provide a better deal for taxpayers and a fairer deal for passengers, argues Ilford North's Labour Parliamentary Candidate.
Wes Streeting is one of a number of Labour candidates who've signed a letter to the Observer newspaper calling for our railways to be brought back into public ownership as their franchises come up for renewal. This approach was taken with the East Coast line in 2009, and has returned more than £800million to the public purse since. Wes appeared on BBC News this morning to make the case for public ownership.
Wes Streeting argues: "Privatisation of the railways has delivered an expensive service for passengers and a bad deal for the taxpayer. Fares are rising three times faster than wages and yet the public subsidy of our railways has doubled under privatisation.
"Labour is committed to taking action to deal with the cost of living crisis and fixing broken markets that are letting people down. Ed Miliband has already announced bold, pragmatic policies to fix the broken energy market and the broken housing market. I hope that the Labour Party will consider bringing the railways back into public ownership as we think about the right policies for the next Labour government."