Branson's plan to relaunch Virgin Trains ‘could consume millions in public funds' [Yahoo! Finance]
FIRSTGROUP PLC UNSP/ADR (FGROY)
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Source: Yahoo! Finance
Richard Bowker, who led Virgin Rail for around two years after his appointment in 1999, warned the relaunch could not only impact public funds but also increase congestion on Britain's busiest rail route. So far, Virgin's plans to run trains from London to Birmingham, Manchester, Liverpool and Glasgow have been well received given the dismal record of delays and cancellations at Avanti Rail , with which Sir Richard's new service would compete. However, Mr Bowker has dampened enthusiasm by explaining how Virgin's application for “open access” rail services will skim off cash destined for the Government. That is because the Treasury will not receive proceeds from Virgin for the open access routes, unlike other rail operators that hold fee-based management contracts and must forward all revenue to the Government. Mr Bowker warned: “There is a hidden cost to the taxpayer of open access services that can run into the millions of pounds.” A large chunk of Virgin's revenue would i
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