The original London and North Eastern Railway was the second largest of the groups created by the Railways Act 1921. Grayling insisted the government's decision to take control of the franchise "was not because the route is failing". It is not a failing railway.
Grayling suggested that Virgin and Stagecoach had lost around £200m supporting VTEC, while the franchise had returned approximately £1bn in premium payments to government. "But the organisations have paid a high financial and reputational price for what has happened".
Q&A Does the East Coast renationalisation mark a change in direction for rail policy?
Rail services through part of Nottinghamshire are being brought back under public control.
A Virgin Train on the East Coast Main Line.
Virgin and Stagecoach have operated the franchise since 2015.
So who will now run the trains?
Passengers have been advised to continue contacting Virgin Trains East Coast for enquiries and bookings until the transition to the new operator is complete. New trains with new technology are being rolled out right across the network.
Whitney Houston Bombshell: New Documentary Says Dee Dee Warwick Molested Houston
Macdonald conducted around 70 interviews, from Clive Davis to Houston's Bodyguard costar Kevin Costner . The Guardian has contacted representatives of the Warwick family for comment on the allegations.
How much will it cost the public?
The future of the services is now uncertain as the Department for Transport, Stagecoach and Virgin are yet to clarify the situation. He said the service's most successful period had come under public ownershi until it was "cynically reprivatised".
Thank you for your feedback.
Speaking in the Chamber today, Shadow Transport Secretary Andy McDonald claimed Grayling had treated the Commons with contempt by failing to provide the opposition with an electronic copy of the statement. Rail companies win, passengers and taxpayers lose. "If Virgin-Stagecoach got their figures wrong, so did the government", said Greenwood.
But when in private hands it failed not once, but three times, and the government has had to bail out the franchise once again.
Mr Grayling said the companies had overestimated growth in passenger numbers and revenues and were having to reach into their own pockets to fulfil the terms of the franchise.
In February, Stagecoach's chief executive Martin Griffiths estimated the company's total losses at £260m.
The Government will renationalise one of Britain's busiest railway lines after its private operators admitted they could not afford to keep running it.
Rail union Unite called for all rail lines to be nationalized.
Yesterday UK Transport minister Chris Grayling bowed to the inevitable and re-nationalised the ailing East Coast railway line.
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