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Good morning, it's four minutes after 10.

Just I begin with an apology.

I should have checked this sooner.

I haven't talked to you, I don't think, about pay rises for train drivers secured by the trade union

ASLEF and now the trade union RMT is seeking similar settlements for some of their members.

But whenever I read these stories, I have two thoughts. The first is, why shouldn't train drivers earn a good scratch?

Why shouldn't they earn a really good living?

I think somewhere in the region of 70 grand a year I read, which is not at all bad, is it?

Why shouldn't they?

There's a real snobbery attached to much of the coverage of industrial disputes or trade union action.

Why on earth shouldn't train?

Well, and the answer then would be because we can't afford it,

which is the second thought, excuse me, that occurs to me when these stories break,

which is, I wonder what the money is like for the investors and the shareholders.

Not necessarily directly in the railway companies,

but the private firms that lease out trains for Britain's railway saw their profits treble in a year.

This was reported in February of this year. They're the rolling stock companies and they paid out

$409.7 million pounds to shareholders,

while their profit margins rose to 41.6%.

...