The East Coast main line, which runs through Stevenage and Peterborough, is to be re-privatised under plans announced by the Government.
The franchise has in the past been given up twice by the private sector, with the line being run by the Department for Transport since the end of 2009.
A bidding competition has now started with a new operator expected to be in place by February 2015.
Fifty years ago Dr Richard Beeching's report 'The Reshaping of British Railways' changed the country's rail network forever.
Dr Beeching had made it his job to "make the railways pay", and around 2,000 stations were axed.
Did Beeching save a bankrupt railway or did he damage them for the future? What do you think? Do you have memories of the Beeching cuts? Send all your comments to email@example.com
This week we're looking back at the cuts that Dr Richard Beeching made to Britain's rail network fifty years ago.
He recommended over two thousand stations should go, along with five thousand miles of the rail network.
Natalie Gray has been at the East Anglian Railways Museum at Wakes Colne near Colchester to find out more.
A transport union boss has described the Government's announcement to privatise the East Coast main line as "profiteering".
General secretary of the RMT Bob Crow said: "Despite wasting hundreds of millions of pounds of taxpayers' money on the franchising circus, and instead of learning the lessons of the privatisation disasters on the East and West Coast main lines and across the rest of the network,
the Government has this morning given the green light to a whole new wave of profiteering that will have the train companies laughing all the way to the bank."
The Transport Secretary Patrick McLoughlin has said privatising the East Coast main line would put passengers "in the driving seat".
Mr McLoughlin said: "This programme is a major step in delivering tangible improvements to services, providing long-term certainty to the market and supporting our huge programme of rail investment.
"Above all, in future franchise competitions we are placing passengers in the driving seat by ensuring that their views and satisfaction levels are taken into account when deciding which companies run our railway services."
The East Coast main line, which passes through East Anglia, is expected to be back in private hands in less than two years.Read the full story ›
The chairman of The Mid Norfolk Railway, Barry Woodgett, grew up in Dereham in Norfolk. He remembers the shock that was felt in the community after the Beeching Report came out. It resulted in the closure of the Dereham-Wells line in October 1964.
In one of our reports coming up on ITV News Anglia (6pm tonight) Claire McGlasson is at the Nene Valley Railway in Peterborough.
The Peterborough to Rugby line was one of the railways shut down after the Beeching report in 1963.
Brian White, curator of the museum, said: "This line was principal in making Peterborough the large city that it is today.
"On the day it opened they suggest that the interest in the railway doubled the population of Peterborough. It brought a lot of people into the city and industrially it was important."
Fifty years ago Dr Beeching axed a third of the country's railways. In a series of reports on ITV News Anglia - starting tonight at 6pm - we look back at the lines which were cut in this region, and, the ones that got away.
The newly refurbished Wolverton railway station in Milton Keynes is officially opened this afternoon.Read the full story ›