Richard Brown recommends major reforms to the way financial risk is managed in future franchises.
When the Office of Passenger Rail Franchising awarded the first round of franchises in the mid-1990s, the Government passed the revenue risk to train operators, including the exogenous risks arising from changes to the UK economy.
The next round of franchising, managed by the Strategic Rail Authority from 2003, protected franchisees from exogenous revenue risk by introducing a system known as...
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