The government's financial exposure to the rail industry could worsen amid predictions that a shortfall in fare sales could cost taxpayers up to £400m in the next two years.
The Department for Transport is obliged to cover a proportion of train operators' losses if their revenues are below target, with some of Britain's biggest commuter franchises among those entitled to taxpayer support.
According to analysis by stockbroker Blue Oar Securities, franchises could receive £100m from...
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