The legal identity of London Buses is London Bus Services Limited (LBSL), a wholly owned subsidiary of Transport for London.
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Who owns and runs the UK's railways? Britain's rail network was first nationalised by Labour Prime Minister Clement Attlee in 1948 and then privatised again under Sir John Major's Conservatives in 1993. Network Rail, which runs railway infrastructure in England, Scotland, and Wales, is publicly owned.
Bus fares in London are subsidised to the tune of nearly £1bn a year, as Stagecoach observed in your article. As it is, there are four times more bus trips than rail, which gets a subsidy of £5bn a year.
'Transport for London, which includes London Underground, doesn't make a profit,' he says. 'We reinvest all our income in running and improving transport in London.
The current operator, London Underground Limited (LUL), is a wholly owned subsidiary of Transport for London (TfL), the statutory corporation responsible for the transport network in London.
TfL, however, estimates that a standard hybrid diesel-electric double-deck bus is in the region of £300,000. The latest New Routemaster with Euro VI engine costs £349,500.