Newly elected Labour party leader Jeremy Corbyn has unveiled his plans to renationalise the railways in the UK.

The plans, which will include handing all rail franchises back to state ownership when they expire, will be announced at Labour’s annual party conference in Brighton.

If Corbyn becomes the next prime minister of the country, he plans to renationalise a third of franchises by 2025, with each route to be taken over by the government as its franchise expires, reported The Independent.

"Labour will commit to a clear plan for a fully integrated railway in public ownership."

Around five out of 16 franchises, including East Coast, Southern and TransPennine Express, are due to expire between 2020 and 2025.

While the ruling Conservative party is criticising the plan, a poll conducted two years ago showed that two-thirds of voters support renationalisation.

UK International Development Secretary Justine Greening told the BBC’s Andrew Marr show that she believed Cobyn’s plans to renationalise the railways would be ‘an ideological joyride’.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

UK Transport Secretary Patrick McLoughlin was quoted by the Telegraph as saying: "Labour’s railway plans are ‘backwards-looking’ and would cost billions of pounds and leave less money to spend on improving services."

The Labour party would set up a task force, led by new shadow transport secretary Lilian Greenwood, to work on the implementation of the renationalisation plans.

The First Great Western passengers have taken to social networking site Twitter to proclaim their support for Corbyn’s plans for the railways.

Corbyn told The Independent: "Labour will commit to a clear plan for a fully integrated railway in public ownership."