1. Chris Austin Exploiting the potential of designation

2. Local Ownership issues Liabilities –Structures and earthworks –nature Insurance Resilience Shared resources

3. Franchise models Microfranchises –Operations only –Vertically integrated –mixed Subsidiary franchises Multimodal franchises

4. Infrastructure Signalling –Basic signalling Track –Speed vs frequency/train utilisation –Low tech, low speed Station leases Management focus

5. Rolling stock New vehicles –Lightweight Cascaded vehicles –Life extension Legacy fleet Retained pool

6. Derogations Challenge the orthodoxy Open access Differentiated standards EU requirements on interoperability Designation confers status of local routes (physical separation argument) Making CR accessible TSA

7. Local procurement White van man culture Local suppliers Role of CRP and local authority Station servicing, bill posting Lineside fencing Station inspections

8. Cost allocation A problem since the 1950s Allocated costs high Actual expenditure low Theoretical plan vs practical priorities Avoidable costs Differentiate CR from other regional routes

9. Conclusions McNultys window of opportunity Unfinished business Revenue results stunning No one size fits all Risks of full separation Many costs better managed locally CR focus needed