Member

I come to the railways. In 2020, the ONS reclassified train operating companies that entered into EMAs—emergency measure agreements—with the UK and Scottish Governments during the Covid-19 pandemic as public sector organisations, because nearly all the risk and revenue under those arrangements rested with the Government. As a result of this Bill, all passenger services operated under contract with DfT will be expected to be transferred to public ownership by the end of 2027. But what about the rolling stock companies? Investment there is running at an average of £800 million a year, and between now and 2050, it is estimated that some £26 billion will be invested.