East Coast Main Line ‘more reliable and more profitable’ following ‘total failure of privatisation’

The East Coast Main Line has become significantly more reliable since it was taken into public ownership, with driver-caused cancellations falling close to zero.

The franchise was stripped from Virgin and Stagecoach in 2018 after the private partnership was found to be losing an average of £2 per second during the three years they were in charge.

It marked the first of many privatised franchises to be taken back into public ownership, with Labour pledging to renationalise most rail services within five years.

Taking to social media, transport secretary Louise Haigh hailed a “reset” in industrial relations which has enabled the government to put rail passengers first.

Per her tweet, there have been 100 more services in the past month and a £15 million boost for the public purse which would have otherwise being dolled out as shareholder dividends.

Watch the clip in full below:

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE). He has contributed articles to VICE, Huffington Post and Independent and is a published author. Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.