Has privatisation added up to £3bn a year to the railway's costs? Essex Business School Professor of Accounting John Stittle writes that provisional findings by universities in Essex and London indicate this is the case. Professor Stittle says the franchising system "has led to scandal, incompetence and an utterly inefficient method of operations” and that "financial groups have quickly realised the low investment risks and high returns” from rolling stock leasing. He argues the burden for these costs is largely being carried by taxpayers, passengers and employees, and says "the rail regulator notes that, overall, unregulated long distance standard class tickets have increased 49.8% over and above inflation since privatisation.” - TS
- We've read it in: ASLEF, September 2015
