“For nearly three decades, most passenger trains haven’t been owned by the train operators themselves but by rolling stock companies,” she said. “They bought the trains, then leased them back to the operators. The train operators saved money upfront but it also brought long term significant cost.”
She added that operators handed over £4billion to RoSCos in 2024 alone, about a third of the cost running rail services. “As we set up Great British Railways, we will explore whether the state can directly own the new trains on order,” she added.
Dave Calfe, general secretary of Aslef, the train drivers’ union, said: "She was crystal clear that public ownership is now a real option for new rolling stock. This is a big step forward for our railway. Because, at the moment, the train operators lease their trains at huge expense from foreign-owned rolling stock companies.