Observations on the recession and public transport

Joe Thomas 

Investec Securities

You can be sure volumes are going to get worse before they get better with commuter franchises having the greatest risk. Franchises signed in 2007 are going to remain well below target and potentially in loss for rest of their lives, although revenue support should help in time.

Peter Huntley

Go North East

The 1980s recession was an industrial and blue collar recession and impacted very quickly on travel volumes. This seems more of a consumer recession....