A Labour conference report revealed that public ownership of rail could save £1.2 billion and that 71% believe train operators are fleecing the public and only 19% believe railways should remain in private hands.

Reuniting the railways under public ownership could save the taxpayer £1.2bn a year according to a briefing from the Transport for Quality of Life Think Tank to be presented at Labour Party conference today - 28th September.

The interim briefing is part of a project due to be completed in December to examine what should be the structure of the railways to put a future Labour government firmly on the side of the passenger and taxpayer.

The report, commissioned by the rail unions ASLEF, RMT, TSSA and UNITE, says that this could be achieved through cheaper borrowing costs, the removal of dividends to shareholders and reducing fragmentation.

300 million alone annually could be saved by taking the train operating companies back into public ownership.

The briefing, which is to be released at a fringe meeting at Labour Party Conference said the savings from a re-integrated railway could lead to a across the board 18% cut in rail fares.

The findings come as an ICM poll for 2000 people found that 71% of those asked believed privatised train companies were more concerned with making profits than providing affordable fares and a decent service for passengers and that only 19% believe that the railways should remain in private hands.

The Transport for Quality of Quality report also said privatisation had resulted in significant social environmental and significant costs to the UK including the destruction of a once successful train manufacturing industry.

ASLEF General Secretary Keith Norman said;

“Last week Philip Hammond warned that the railways were becoming a rich man’s toy. To prevent that disaster he needs to control the industry - and that can only be done by ending the anarchic free-for-all that’s emerged from the discredited private franchise system.”

RMT General Secretary Bob Crow said;

“This research nails the lie of the McNulty Review that the answer to the inefficiencies and over-charging on Britains railways is more cuts, more rip-off opportunities for big business and higher fares. The solution is simple - stop the greed, fragmentation and profiteering of privatisation and we can save more than a billion pounds that could be invested back into the system. If Labour fail to grasp the popularity and economic common sense of renationalising the railways they will be throwing away the political opportunity of a lifetime.”

TSSA Assistant General Secretary Manuel Cortes said,

"We can no longer continue to tinker at the edges. Privatisation has failed passengers, workers, business and the economy. We now need to open our minds to bold new alternatives that serve the interests of passengers and taxpayers rather than the god of profit"

Unite assistant general secretary, Diana Holland said:

“As our experience at Bombardier shows, the fragmented, privatised rail network has been an unmitigated failure for passengers, workers, communities and the wider economy too.

“This report exposes the impact of spiralling costs and the major problems for rail procurement and manufacturing, while setting out a positive way forward.”