Transport Secretary: East Coast Franchise

My hon. Friend makes an excellent point that goes to the slight craziness of a lot of our debate. It is clear to me that the partnership with the private sector has put far more investment—billions and billions of pounds of investment—into the network than would have been the case if it had remained under public ownership. We all know the budgetary pressures. We all know the budgetary situation in 2010, when we had a deficit of £160 billion. It does not take a particularly sophisticated mathematician to work out that, if we had had the rail network in public ownership, as well as public ownership of vast swathes of industry, the budgetary position would have been a lot worse than even in 2010.