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5 Leasing services

A proportion of the rolling stock of British Rail was sold off to companies that lease or hire stock to passenger and freight operators, as well as to National Rail and railway maintenance companies. Leasing is relatively commonplace in public transportation, since it enables operating companies to avoid the complication associated with raising sufficient capital to purchase assets; instead, assets are leased and paid for from ongoing revenue.

There are three major leasing companies, and a number of smaller operations:

5.1 Leasing Companies

• Angel Trains , owned by the Royal Bank of Scotland, and which claims to be the biggest rolling stock company in Britain, with some 5,000 assets. website
• HSBC Rail a lessor of domestic passenger rolling stock, owned by HSBC.
• Porterbrook Leasing Company, owned by the Abbey National Group, which leases some 3,500 locomotives, trains and freight wagons. website

5.2 Spot-Hire Companies

• Cotswold Rail, a spot-hire company with a stock of Class 08 shunting locomotives, and Class 47 locomotives. This company works closely with Anglia Railways.website
• Fragonset Railways, a spot-hire company with a stock of Class 08 shunting locomotives, and Class 31, Class 33 , Class 47, Class 56 , Class 73 and Class 86 locomotives. website
• GL Railease owned by GATX Capital, and Lombard, a subsidiary of the Royal Bank of Scotland.
• Harry Needle Railroad Company Ltd, an industrial and main line locomotive hire and overhaul company. Operates Class 08 shunting locomotives, and Class 37 locomotives. website
• Riviera Trains, a spot-hire company with a fleet of Class 47 locomotives.
• RT Rail, a small hire company with a stock of Class 08 shunting locomotives.
• West Coast Railway Company, a spot-hire and railtour-operator with a stock of Class 37 and Class 47 locomotives, as well as the prototype passenger Class 57 locomotive.

6 Statutory framework

UK railways are run at arm's length from the government, through two government organisations, both of which have statutory powers under various Acts of Parliament (such as the Railways Act 1993, the Competition Act 1998 and the Transport Act 2000), and both of which receive Directions and Guidance from the from the Secretaries of State for Transport.

The two organisations share the same purpose, but have different jurisdictions; the two entered into a concordat in February 2002 to clarify demarcation and communications issues.

The Strategic Rail Authority is the statutory strategic planning and coordinating body for the rail industry, and the guardian of passenger and freight interests. It determines strategy for passenger and freight train services, let and manages franchises to operators, and enforces consumer protection franchise licence conditions. Following the 2004 Rail Review, the SRA is to be wound up and its responsibilities transferred to the Government and Network Rail.

The Office of the Rail Regulator has as its principal functions to regulate Network Rail's stewardship of the national rail network infrastructure, and to hold train operating companies accountable to the terms of their operating licence. In 2004 the single Rail Regulator was replaced by a ten-strong board at the Office of Rail Regulation .

In adition, safety in the railway industry is regulated and enforced by the Health and Safety Executive, and the National Audit Office provides audit reports on Network Rail to the House of Commons.

See also: Structure of the rail industry in the United Kingdom.

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