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Rail Fares and Franchises

I thank the hon. Lady for that answer on risk. Again, this goes to the heart of what franchising is. Relatively short franchises are set up under special purpose vehicles. Does she accept that if they were set up so that the franchise is against the holding company, there would be a heavier element of risk to the company, with the obvious result that the Government would see less in premiums? What is the Committee's view on that?