Railways: Coronavirus

Department for Transport written question – answered on 22nd June 2020.

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Photo of Karen Buck Karen Buck Labour, Westminster North

To ask the Secretary of State for Transport, whether his Department has required train operators with franchise agreements with his Department to provide (a) weekly and (b) periodic management accounts showing financial performance in light of the additional resources provided to train operators by the Government in response to the covid-19 outbreak.

Photo of Chris Heaton-Harris Chris Heaton-Harris Minister of State (Department for Transport)

The Emergency Measures Agreements (EMAs) continue existing Franchise Agreement obligations to require train operators to provide periodic management accounts to the Department. An equivalent obligation also applies to the two operators that are in direct public ownership. The management accounts include a periodic profit and loss account, balance sheet and cash flow statement.

The EMAs have also introduced a formal process of periodic budget reviews to enable additional financial scrutiny of operators.

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