Labour leader Jeremy Corbyn has hit out at foreign owned railway companies, after it emerged millions in profits are being sent abroad.

Mr Corbyn said it is a “disgrace” that dividends paid to foreign shareholders are being used to subsidise railways abroad .

Mr Corbyn said: “It seems the Tories have no objections to public ownership so long as the British public don’t get the benefit.

“It is a national disgrace that higher fares are squeezed out of Britain’s passengers every year so that dividends can be repatriated to Berlin, Paris or Amsterdam to subsidise other countries’ railways, or paid to private shareholders in Britain.”

And he reiterated his promised that renationalising the UK’s railways would be one of the first acts of a Labour government in 2020.

Mr Corbyn added: “ Labour has nothing against the public ownership of railways in other countries, far from it. But we want our own railways to be owned by the British people.

“Railways are part of the new green economy of the future. That’s why Labour is now pledged to bring our railways into democratic public ownership at home.

“A modern, publicly owned People’s Railway is central to our plans to rebalance economic growth, not just North-South but right across the country.

“So one of the first acts of the next Labour Government in 2020 will be to bring franchises into public ownership as soon as possible and start to create a properly integrated railway system with affordable fares – in the interests both passengers and taxpayers.”

Source: Jeremy Corbyn slams ‘disgrace’ of foreign firms creaming off millions from Britain’s railways – Mirror Online

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