TFL concessions

That this House welcomes the Government’s Passenger Rail Services (Public Ownership) Bill, which is nearing completion of its passage through Parliament; notes that the Government’s impact assessment of the Bill states that there will be significant savings to the Government and that public ownership represents an opportunity to improve passenger rail services; further notes that the private-sector concession contracts for the Elizabeth Line and London Overground, which are similar to the national rail contacts due to be nationalised, are coming to an end soon and that the Government has confirmed that the decision over whether also to run these services under public ownership rests with the Mayor of London; also notes that MTR paid out a dividend of £7.6 million last year, equivalent to a 2.4% cut in Elizabeth Line fares, while Arriva Rail London paid a dividend of £9.6 million, equivalent to a 4.4% cut in Overground fares; notes the Rail Minister’s view that these concessions are more expensive than this Government’s plans for public ownership and would be even more costly to taxpayers than current national rail contracts; agrees with the general secretaries of the RMT and ASLEF unions, who have argued that Londoners deserve every penny of public funding and passenger revenue being spent on the capital’s railways and not on shareholders dividends; and urges the Mayor to make the decision to bring both the Elizabeth Line and London Overground into public ownership when contracts expire and run them directly within Transport for London.