Railways: South-eastern Franchise

Lord Beith Excerpts

Thursday 4th July 2019 Lords Chamber

[Baroness Vere of Norbiton]

I thank the noble Lord for that comment. I do not agree—surprisingly enough—that the sale of this asset to investors, foreign or otherwise, was a bad idea. Long-term infrastructure investors can provide a useful source of capital to assets precisely like this. This is why the ORR is involved in this process: it will determine if the concession agreement is being met and the outputs that HS1 must deliver in the next control period. It will look at the asset management plan, the regulatory framework, the structure of the charges and the charges themselves.

[Lord Beith (LD)]

My Lords, will the Minister clarify the press reports about franchising that have appeared today, indicating that the Government may give the state-owned LNER a five-year extension of its franchise?

[Baroness Vere of Norbiton]

I am afraid that the noble Lord has me stumped on that one, because I have not seen those press reports. I will certainly write to him if I can find out any more information.