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Wales & Borders on Wrong Track with Legal & General

13 February 2019

TSSA General Secretary, Manuel Cortes, has poured scorn on announcement that Legal & General are investing £200 million in new trains for the Wales & Borders franchise.

Cortes said the move was down “the wrong track” and amounted to “lining the pockets of shareholders.”

The step by Legal & General is aimed at financing a new fleet of 60 trains for the Core Valley Lines (CVL) in and around Cardiff. The new fleet of rolling stock is due to begin running in 2024 in order to increase capacity for the service and replace an ageing diesel fleet.

This was questioned by Cortes who said: “This is a move down the wrong track because It would be far cheaper if the trains were bought directly by the Welsh government.

“Currently interest rates at a very low level so it makes perfect sense for the Welsh government to borrow the money to buy these trains directly rather than having to pay leasing charges years on end to Legal & General who will make bucket loads of cash off the back of the Welsh public purse.

“Let’s be clear, this money would be far better spend improving rail services rather than lining the pockets of Legal and General shareholders.”

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