---

Rail Fares and Franchises

I have listened carefully to the hon. Lady. I wonder whether she would care to give the Committee's view on this. As I understand it, the special purpose vehicle was not connected to the holding company as a direct result of the initial franchise negotiation. It was because of the way that franchising is undertaken, and not something that is necessarily a fault of the company. The fault is with the negotiation that was done at the time of the franchising renegotiation.