Labour has announced plans to allow the state to bid against private companies for rail franchises. The policy has been seen as a fudge in some circles, as it falls short of full renationalisation.

"I think it's a good thing for us to say in the bidding process we're happy for private and East Coast to bid into that process on a level playing field," said Ed Balls, the shadow chancellor. "I'm not going to take an ideological approach. I don't want to go back to the nationalisation of the 70s."

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