FUTURE OF THE RAILWAYS

That this House notes with concern reports that the Government's review of the railways will lead to a significant increase in what are already the most expensive rail fares in Europe; is appalled that hard-pressed passengers will be hit by these fare hikes at a time when the highest paid directors of the big five transport groups which run most of UK's train operations, Arriva, First, Go Ahead, National Express and Stagecoach, have been paid salaries of between 600,000 and over 1.2 million a year, with one executive enjoying a 35 per cent. annual increase; is further concerned that this executive excess is on the back of billions of pounds of taxpayer subsidy to the privatised train operations; is dismayed that whilst passengers and taxpayers are being asked to tighten their belts these companies have paid out dividends in excess of 2 billion since privatisation; believes that, instead of cutting services and hiking fares, the Government should consider urgently a freeze in dividends and a windfall tax on the profits of the privatised railway; is further concerned that the same companies who are fleecing the railway are also lobbying for the break-up and sell-off of Network Rail which will create a Railtrack mark 2 which puts profit before safety; and further believes instead that the interests of passengers, taxpayers and rail workers would be best served by an integrated, publicly-owned and accountable railway.