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Leasing Passenger Trains: The British Experience

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  • Jean Shaoul

Abstract

This paper reviews the experience of the train‐leasing model, a vital but invisible component of Britain’s privatized railway system, using publicly available financial information. As a result of the leasing regime established at privatization, the leasing charges for the old trains, paid for by the state, are high, contributing to the need for higher fares and subsidies, and the highest profits in the industry. The cost of commissioning new trains via leasing is higher than public debt. Operating and reliability problems have imposed extra costs on other stakeholders. Leasing charges are likely to continue long after the trains have been fully paid for.

Suggested Citation

  • Jean Shaoul, 2006. "Leasing Passenger Trains: The British Experience," Transport Reviews, Taylor & Francis Journals, vol. 27(2), pages 189-212, July.
    • Handle: RePEc:taf:transr:v:27:y:2006:i:2:p:189-212
    DOI: 10.1080/01441640600907024
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    References listed on IDEAS

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    1. David Tyrrall, 2004. "The Uk Railway Privatisation : Failing To Succeed?," Economic Affairs, Wiley Blackwell, vol. 24(3), pages 32-38, September.
    2. Gourvish, Terry, 2002. "British Rail 1974-1997: From Integration to Privatisation," OUP Catalogue, Oxford University Press, number 9780199250059.
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