The private sector will continue to play an important role in Labour’s promised state-owned UK railways after it decided against nationalising the companies that own the thousands of trains that run on the network.
Rolling stock companies, or roscos, operate out of sight of passengers but are the financial backbone of the rail industry, and have spent the past 30 years buying passenger trains and leasing them to privatised train operators.
The passenger train companies spent £3.1bn — 26 per cent of their overall expenditure — on train leases in the financial year ending March 2023, the latest year for which data from industry regulator, the Office of Rail and Road, is available.
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