The new shadow transport secretary Mary Creagh has said she is open to the idea of renationalising the UK's railways.

Talking to the Financial Times, Ms Creagh said a review of Labour's railway policy would start within a year.  

Her announcement comes as the state-owned East Coast main line begins the process of being privatised, with an official list of bidders expected in early 2014.

Ms Creagh said: "What's interesting is that we have [foreign] state-owned railways running our services … If it works as a model for them, why can't it work as a model for the UK?"

She said East Coast main line would return nearly £1 billion to taxpayers by 2015, with £800 million coming by the end of this year.

The Rail and Maritime Transport union said it understands the privatisation was on "lucrative, profiteering terms", which will see the introduction of third-class travel.

Ms Creagh also claimed Labour would not be using a key vote in the House of Commons to deter progress on HS2 next week - adding the project was given the go-ahead by the party originally and it will improve capacity on the rail network.