One of the few areas where the Labour Party has a stated and agreed policy position is rail. Nationalisation is on the table and public control in this sector, according to polls, is popular.

This is against the backdrop of a failure by the sector to control its costs. The price of building and improving the rail infrastructure continues to grow. This report plus forthcoming reports by the likes of Sir Peter Hendy and Nicola Shaw could lead to a transformation in the way that the railways operate.

Nothing is said to have been ruled out and the types of rising costs across projects gives government all the opportunity they need to make radical change.

We could see a situation of privatisation versus nationalisation and one of the most political battles we have seen for many years.