Intercity East Coast Franchise Contents

Contents

Executive Summary

1 Introduction

Virgin Trains East Coast franchise

2 What went wrong with the franchise?

VTEC’s management of the franchise

The bid process and contractual arrangements

Revenue projections led to default

The DfT encouraged overbidding

Stress-testing of bids by the DfT was insufficient

There need to be more appropriate risk sharing mechanisms

The Department had no other option than to let the franchise default

The taxpayer has not bailed out Stagecoach and Virgin

Network Rail’s role

Delayed infrastructure works on the East Coast Mainline not to blame for default

Network Rail performance poor but not significantly contributable to default

3 Interim operating arrangements

4 The East Coast Partnership

5 Wider franchising issues

Conclusions and recommendations

Formal minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament




Published: 12 September 2018