Rolling Stock (North of England)
Debate between Tom Blenkinsop and Andrew Turner(10 years, 8 months ago)
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Tom Blenkinsop (Middlesbrough South and East Cleveland) (Lab)
Thank you, Mr Turner. Given the shortness of time, I will get to the nub of the issues facing my constituents. First, there is the rolling stock. My fear for people in Middlesbrough and the wider Teesside conurbation is that the mainline services that link York with Blackpool and Liverpool will be given priority over the peripheral lines going north. That links into the lack of electrification on the east coast line to the north of Northallerton. Those two issues together cause fear for people in Middlesbrough and the wider Teesside area.
The rolling stock leasing companies are an issue. The TransPennine service was created by the state under British Rail and that model has survived until today, which is testament to its ability to assess the market then and going forward. In November 1995, the ROSCOs were sold for a combined sum of about £1.7 billion and, in 1996, they generated a combined pre-tax profit of £1.8 billion. We have three ROSCOs; one of which, Angel Trains, made a 60% profit in the seven months—