RAIL fares could be slashed by more than 9 per cent under public ownership, train drivers’ union Aslef general secretary Mick Whelan has claimed.

Writing in the Morning Star today, Mr Whelan reveals how passengers but not privateers are paying their way on Britain’s railways.

His analysis of the Office for Rail Regulation’s latest accounts show shareholders stuffed a stunning £204 million into their own pockets instead of spending it on improving services.

They also reveal companies hoarded a massive £707 million in surplus profits that could have been invested.

But Mr Whelan explained how passengers are increasingly footing the bill for the fat cats.

“Passenger income increased by 3.6 per cent compared with last year, and over 7 per cent compared with the year before,” he said.

The union leader says the figures are the latest proof that there must be just one rail company run in the public interest.

His article is a rallying call to Aslef members as the union’s annual conference begins today in Brighton, following Labour leader Ed Miliband’s indication last week that he is open to renationalisation.

Labour general election candidates in key seats that could be won on issues like rail fares and services demanded he take the “bold” position.

And Mr Whelan’s analysis shows how rail fares could be reduced by 9.2 per cent if the same cash handed to rail firms was invested in a state-run system.

“This is not speculation: it is a fact,” he said.