ASLEF has called on the Scottish government and ScotRail to shunt “last bastion of profiteers” into history, and reject rolling stock companies (Roscos) and PFI to deliver the next generation of trains.

A new report written by Glasgow University academics Professor Andrew Cumbers and Grace Brown, and commissioned by the train drivers’ union, says the private models used to lease or purchase new rolling stock in the decades since privatisation have succeeded only in siphoning hundreds of millions into profits and shareholder dividends

Setting out a vision for a publicly financed model, the report argues that as much as £362 million could be saved over the 30-year rolling stock lifecycle — money its authors say could be invested in more trains, infrastructure and lowering passenger fares. 

“Rather than leaking out of the system to fund private profits, this revenue could be used to reduce ticket prices and invest further in the country’s transport infrastructure, while creating local jobs and training opportunities”, Prof Cumbers said.

Aslef Scottish organiser Kevin Lindsay called the report a “wake-up call to the Scottish government.”

He said: “Rolling stock companies and the use of PFI to replace rail rolling stock have resulted in huge profits being made for these companies.

“None of which is reinvested in — but all of which is lost to — our industry as it is transferred into shareholder dividends and sent off to offshore tax havens. 

“As Scotland looks to replace our rolling stock now and in the coming years it is time to reject this failed model and introduce instead a public financing model, using green bonds and the Scottish government’s borrowing powers, which could save ScotRail hundreds of millions.

“All of which can be reinvested into rail infrastructure, staff and reducing fares and making our trains more affordable. 

“There is no logical, economic, reason why the Scottish government should continue to use flawed, private models to finance our rolling stock, or indeed any other public good or service. 

“Now is the time to reject this unfortunate legacy of privatisation, and once and for all rid our railways of this last bastion of profiteers."

A Transport Scotland spokesperson said: “We note publication of this report and will take time to consider its findings, alongside current Scottish government policy for the procurement of significant contracts such as rail rolling stock.”