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Subsidy bonanza: the great train robbery continues
‘Our’ train companies — mostly partly owned from abroad — are trousering millions of taxpayer cash, as usual, reports SOLOMON HUGHES

THE latest accounts from the three train firms running the South Western Trains, Avanti West Coast, Thameslink, Great Northern, Southern and Gatwick Express rail franchises show these companies paid their owners a combined £69.5 million of dividends in 2022-23, despite depending on hundreds of millions in government subsidy.

The subsidy that kept these firms going was both much bigger than their profits and their dividends, so really they paid out this money to their shareholders directly from government aid.

When Covid slashed passenger numbers in 2020, the government tore up all the existing rail contracts and moved to huge subsidies to keep rail moving: the rail companies kept their privately run, publicly granted transport monopolies, but the Department for Transport pumped in extra cash to keep the trains running.

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Transport Secretary Heidi Alexander (right) speaks to SWR train drivers ahead of boarding the first operational renationalised train service at Waterloo train station in central London, May 25, 2025
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