The Government have frozen regulated rail fares in line with inflation for the sixth year in a row. In addition we announced the launch of a new 16 to 17-year-old railcard, with up to 1.2 million young people eligible for a 50% discount on rail travel to coincide with the new academic year. Fares revenue is crucial to funding day-to-day railway operations and the massive upgrade programme we are delivering, all of which benefit passengers.
I should point out that 98p in every £1 paid in fares goes back into investment in the industry. The argument about nationalising the railways is one that we have had here before, and I think it is the wrong approach. The approach that we have taken for the past 25 years has led to a record growth in passenger numbers, a record number of services on our network and a record level of safety across our network. The hon. Gentleman’s suggestion would simply move us back to the 1970s and to a model that failed.