Britain’s railways are braced for their biggest shake-up in a generation, with train franchises scrapped and the creation of a new supervisory body called Great British Railways to oversee the system.
A white paper, to be published on Thursday, will bring an end to the controversial franchise model under which train operating companies take most of the revenue risk from rising or falling passenger numbers.
It will be replaced by a “concession” system whereby the risk and reward for train companies is more limited, with a fee paid as long as punctuality and cleanliness targets are achieved.
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