Grayling bails out Stagecoach and Virgin on East Coast rail

RAIL

The Government has agreed to allow Stagecoach and Virgin to exit the current East Coast franchise agreement three years early, in 2020, saving them from about £2bn in premium payments to the taxpayer.

Transport secretary Chris Grayling announced last week that from 2020 the franchise would be run as an East Coast Partnership, with the train operator working with Network Rail through a single management structure. The DfTsaid the reforms would be brought forward under a “long-term...

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