§ 26. Jane GriffithsIf he will make a statement on the operation of the rail rolling stock market. [35470]
§ Mr. PrescottOn 21 January I asked the Rail Regulator to conduct a wide-ranging inquiry into the operation of the rolling stock leasing market and report his findings to me by mid-April. We will decide whether further action is required in the light of the regulator's recommendations.
§ Jane GriffithsIs my right hon. Friend aware that the National Audit Office has reported that the value of the rail rolling stock companies' cash flow was £2.9 billion, but that, because the sale was rushed through by the Tories on the basis of inadequate valuations, the nation's trains—our trains—were sold off for only £1.8 billion? Does my right hon. Friend agree that the privatisation of the rail rolling stock companies was the Tories' great train robbery?
§ Mr. PrescottThere is absolutely no doubt, especially after the National Audit Office's report, that there was a scandalous sale of the leasing companies and much of the privatised railways: it was identified that assets had been undersold and that a massive profit had been made. The Department will appear before the audit committee, and I hope that the Rail Regulator will make some recommendations in respect of the changes that need to be made.