"The failure of the East Coast franchise has wider implications for rail franchising and the competitiveness of the current system".
Amid growing demands for services on the East Coast mainline to be nationalised, the Commons transport committee will hold an inquiry to establish how the franchise has come within months of going bust, potentially forcing the UK Government to step in. The NAO, which is the official national spending watchdog, will be looking hard at the terms of the government's possible deal with Stagecoach and Virgin Trains, which critics described then as a "bailout".
Earlier this month, Transport Secretary Chris Grayling announced that the Stagecoach-led franchise would only be able to continue in its current form for a "very small number of months".
Those plans have also collapsed, as the full extent of losses sustained by Stagecoach and Virgin have become clearer.
The franchise is 90 per cent owned by Stagecoach and 10 per cent by Sir Richard Branson's Virgin Group.
The immediate future is looking uncertain.
GNER was stripped of the franchise in 2007, and the Department for Transport seized the franchise from National Express in 2009 when it defaulted on its payments.
Mr Grayling could alternatively negotiate an emergency arrangement with Stagecoach and Virgin, which would then run East Coast on a not-for-profit basis for a limited period in return for a management fee.
We will work with the Transport Select Committee on this inquiry.
Transport Secretary Humza Yousaf said calls from Labour for wholesale renationalisation of the railways were "simplistic" but added that "every option should be explored" to resolve the crisis.
This failure - not once, but three times - has drawn criticism from all corners.
There are serious questions to be asked of the train operator, Network Rail and ministers and the Transport Committee intends to ask them. Lessons need to be learned by all concerned.
The decision to end the East Coast mainline rail franchise early is to be investigated by MPs. "Safeguards must be put in place to restore public confidence in the sustainability of our railways".