What assessment she has made of the potential merits of using alternative funding models to purchase rolling stock.

As part of our reforms to the railway, we have set out that we will continue to lease rolling stock when we take contracts into public ownership, but we will apply a single directing mind approach to eliminate barriers to sharing rolling stock better across the network. We will consider the best funding and financing structures for future orders and contracts in partnership with private capital.

At the moment, the rolling stock leasing companies take more than £1 billion of profit out of the railway. A substantial amount of that could be reinvested in improving the railway network. With the Bill for Great British Railways due to come to Parliament soon, will the Secretary of State look seriously at alternative financing models such as EUROFIMA—the European company for the financing of railroad rolling stock—or even a publicly owned ROSCO that could deliver rolling stock at a considerably lower price? Indeed, will she be more socialist and more ambitious with the Bill?

I assure the hon. Gentleman that I do not lack any ambition when it comes to Great British Railways. It would cost billions in taxpayers’ money to buy existing rolling stock, at a time when there are many pressures on the public purse. My officials have been engaging regularly with EUROFIMA to consider the potential for UK membership and how EUROFIMA finance could be deployed in the UK.