RMT’s Cash lashes out at UK’s rolling stock “chancers”
THE RMT union has accused the UK’s three principal rolling stock leasing companies (ROSCOs) of being “chancers and speculators”, and has called for them to be nationalised.
Angel Trains, Eversholt Rail Group and Porterbrook were all set up at the start of privatisation. RMT General Secretary Mick Cash said: “If fare payers thought it was just the private rail companies that were bleeding them dry, they ought to take a look at the shady world of the rolling stock companies.”
He claimed: “These overseas outfits are creaming our railways for fat profits and have complete control over the crucial fleet operations, and use that power to exploit the British passenger in what is nothing less than a Government-sponsored racket.
“When RMT talks about public ownership we mean sweeping all these chancers and speculators off our railways and re-investing the fat sums they are pocketing back into services. If we took this mob out of the equation we could cut fares, keep the guards, and invest in the modernisation and upgrade works that our railways are crying out for.
“The bulk of the rolling stock (trains) that run on the railways are owned by three private companies - Angel, Eversholt and Porterbrook.”
The union says that by using Office of Rail and Road statistics, it claims that 12% of fare money is spent on leasing charges to the three firms. It claims they received £1.4 billion in 201516 and spent £1.2bn. RMT claimed a 2.1% fare cut could be achieved by returning rolling stock ownership to the private sector.
The three companies mentioned have a combined 1,660 vehicles currently on order, with Angel the largest at 815 vehicles followed by Eversholt Rail (697) and Porterbrook (148). A further 580 vehicles have yet to be financed as this issue of RAIL went to press.
However, Cash made no mention of other rolling stock companies that also have orders - including Rock Rail, which will own new fleets for both Greater Anglia and South Western Railway, and Beacon Rail, which is financing new trains for TransPennine Express.
Indeed, of the 6,898 vehicles currently either on order or being
delivered, the ROSCO with the largest order is Rock Rail (1,301), followed by CrossLondon Trains (1,140).
An Angel Trains spokesman responded: “Privatisation of the rail industry has led to increased investment and better services. ROSCOs act as the bridge between the operational railway and investors to ensure that the money needed to fund improvements to UK rolling stock is secured privately, transferring risk away from the public sector. As a result, ROSCOs currently account for around 10% of the total cost of running the UK railways, down from 30% before privatisation.
“Angel Trains has a 20-year record of bringing trains into the UK market, delivering large complex projects on time and on budget. Since privatisation we have invested more than £5bn in the UK railways, and we are committed to continue driving efficiency and reducing costs for the rail passenger.
“In recent years, we have spent £125 million on upgrading and re-engineering older rolling stock to keep it in service - in certain circumstances, this is more costeffective than buying brand new trains. These types of efficiencies help to hold down the cost of leasing and the knock-on cost to passengers.”
Porterbrook and Eversholt declined to comment.