The plans, announced at the Labour Party conference in Manchester, could involve the state owning new trains directly rather than leasing them from private sector finance houses.

The leasing companies, known as ROSCos, were set up more than 30 years ago to own the fleets inherited from British Rail, because it would not have been practicable for franchises with relatively short contract terms to assume responsibility for them.

The Government has calculated that more than £2.5 billion has been paid in dividends by the ROSCOs over the past ten years, and the companies have sometimes been accused of charging excessive amounts for older rolling stock, the capital cost of which would have been largely written off.

Now, the Rolling Stock and Infrastructure strategy sets out a new policy for future train procurements. Great British Railways will assess which of direct public ownership, leasing or other financing arrangements would offer the best value for taxpayers and farepayers.

Current leases will be honoured, but leasing will no longer be treated as the default choice for new trains, because the Government believes that in some circumstances buying trains outright could offer substantial savings.

The Strategy also includes plans for ‘fleet families’ to create more standardised designs, providing more consistent and accessible trains so passengers always know what to expect and trains can be used more flexibly around the network.

As part of the transition to a greener railway, GBR will progressively replace diesel trains with cleaner technologies. Battery powered trains are expected to play a part, alongside continuing the programme of electrification.

Transport secretary Heidi Alexander said: ‘I’m proud that this government is taking action to address the hidden challenges holding our railway back. That’s why, as we set up Great British Railways, we will explore whether the state can directly own the new trains we order, helping to ensure our railway delivers the best possible value for passengers.

‘Labour is committed to bringing the essentials in life back under stronger public control, opening up opportunities for people across the country and supporting economic growth in every postcode. This announcement is another step towards delivering that mission.’

The ROSCos have yet to comment, but RMT general secretary Eddie Dempsey said that the private ownership and leasing of trains had always been one of the ‘greatest scandals of rail privatisation’.

‘The cost of leasing trains is the fastest rising cost on the railway, and topped £4 billion last year, while dividend payments continue to raise.

‘ROSCo greed has become infamous and it’s sucking much needed money out of the railways and into offshore bank accounts.

‘There is another way, Merseyrail has owned its trains for years now and its good news that GBR will be able to do so too. This should be the start of a process of winding up the rolling stock racket once and for all.’

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