First Great Western Franchise

I was a little taken aback when the hon. Gentleman said that the Government should get all the blame and First should get all the credit. I do not know whether he has looked in detail at the subsidy arrangement involved in this franchise. First probably was the best bidder, but let us consider what it gets out of the arrangement. It admittedly takes some risk, but it also gets the profits, some of which may be shared with the DFT. If the predictions of increased passengers and rail fares are not right, there will be a disproportionate burden on the Government to pick up the impact of the potential losses, so the arrangement is not quite as good as is being suggested. I would argue that the state has not got such a wonderful deal out of the arrangement. What are the hon. Gentleman's comments on that?