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Unions immediately welcomed Mr Milibands suggestion that he could be prepared to renationalise Britains railways.

Mr Miliband insisted that Labour would not return to the old days of British Rail but said that the current system was flawed.

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He told BBC1's Andrew Marr Show: "We are looking at all the options on the railways. We are not going to go back to old-style British Rail."

He said Labour would be "pragmatic" and "we have got to recognise that the system at the moment has flaws in it".

"Passengers are paying high fares in this country and we are paying big subsidies from the taxpayer."

His comments came after Lord Prescott, the former deputy prime minister, and more that 30 would-be MPs called on Mr Miliband to re-nationalise the railways.

Mr Miliband added: There is a balance to be struck here because there are some benefits you can have sometimes from competition and we are not gong back to the old monolithic model that was British Rail.

But we do need to look at how we can have a coherent system.

Asked if he is pursuing an agenda of old-fashioned socialism, Mr Miliband said: Old-fashioned socialism was somehow about wholesale nationalisation of the commanding heights of our economy. That is not what I am about.

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Ed Miliband accused of 'socialism' as he suggests re-nationalising railways