The case for renationalising the railways proposed by the Labour leader Jeremy Corbyn does not "stack up", according to a major transport chief.

Tim O’Toole, who runs the train and bus company FirstGroup, argued privatisation had led to a rapid growth in passenger numbers, improved safety and rising satisfaction levels.

He said the Government was already involved in the rail industry through its ownership of Network Rail, which is responsible for track maintenance and improvement, and that peak ticket prices were set by ministers.

“I don't think the case for renationalisation stacks up," he said. "You cannot get rid of what has doubled the number of people using the rail network leading to the highest volumes in 90 years.”

“It’s unclear as to why people think [renationalisation] would be a solution.”

The Labour manifesto pledges to “bring private rail companies back into public ownership as their franchises expire” as part of a wider proposed renationalisation splurge stretching to other industries including energy and water.