The government announced on 28 September 2026 that it will consider public ownership of new trains, rather than leasing, as part of a new strategy for trains and infrastructure. This marks a shift from the past three decades where most passenger trains have been owned by rolling stock companies and leased to operators.
Great British Railways (GBR) will now take a case-by-case approach to new train procurements. GBR will assess whether direct public ownership, leasing, or other financing arrangements offer the best value for taxpayers and fare payers.
The strategy aims to create a more joined-up railway system, with GBR coordinating decisions on trains, track, depots, and maintenance. This is intended to lead to a simpler, more reliable, and modern railway, supporting jobs across the country.
Leasing and maintenance costs for trains currently total over £4 billion annually. The Office of Rail and Road reported that yearly dividends from rolling stock companies amounted to more than £2.5 billion over the last 10 years. The government suggests that buying trains outright could offer substantial savings in some circumstances.
The strategy also includes plans for 'fleet families' to standardise train designs, aiming for more consistent and accessible services. Additionally, GBR will progressively replace diesel trains with cleaner technologies, such as battery-powered trains, as part of a transition to a greener railway.