The first three railway companies to be nationalised have been named as part of the new Labour government’s plan to bring rail into public ownership.

In May the service from London’s Waterloo station to southwest London, South Western Railway, will become the first to be nationalised, the Department for Transport said.

It will be followed by the London to Essex route c2c in July and east coast operator Greater Anglia in autumn, the department said.

Taking the businesses out of private ownership will reduce delays and cancellations that have plagued rail services across Britain, the government said, in turn encouraging more people to take the train.

It hopes £150m will be saved by passenger fares going to services rather than company shareholders.

Money blog: Market town with average house price of £440k named happiest place to live

The pledge was a key point of differentiation between Labour and the Conservatives during the election campaign.

Services are currently contracted out, meaning companies such as Italy’s primary operator Trenitalia bid to run services.

Under the new system, taxpayers will not have to compensate firms for terminating their contracts.

Eventually, all companies will come under the auspices of a new state-owned company called Great British Railways.

This rail nationalisation process is expected to be completed over the next three years, according to the Department for Transport.

Of 14 train operating companies to be taken over by the government, four are already under state control having been put under special administration for poor services.

Not all train services will become public with services such as the Heathrow, Stansted and Gatwick Expresses remaining in private hands.

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In total, there are 28 British rail operators.

Transport Secretary Heidi Alexander told Sky News privatisation has not worked due to “huge fragmentation” under the system with a “dizzying array of private companies”.

“Financial incentives are misaligned, and there’s no real overarching direction. And so I think as a result of that, no one’s in control,” she added.

When asked, she did not say rail fares would come down under nationalisation.

It’s Ms Alexander’s fourth day on the job after the shock resignation of former transport secretary Louise Haigh.

She resigned after Sky News revealed she pleaded guilty to an offence related to incorrectly telling police that a work mobile phone was stolen in 2013.

Woodbridge is the place to be for residents wanting to live the happiest life, according to new research.

The market town in Suffolk topped Rightmove’s annual list of the happiest places to live in Britain for the first time after knocking London’s Richmond upon Thames off the top spot.

Residents of Woodbridge gave high scores for feeling that they are able to be themselves in the area, the community spirit and friendliness of the people, and access to essential services such as doctors or schools.

Richmond upon Thames came in second, while Hexham, in Northumberland, nabbed third.

Woodbridge mayor councillor Robin Sanders said: “The happy mood of residents is a reflection of the vibrant town centre.”

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More than 35,000 people across Britain completed the Rightmove study, with residents asked questions such as how proud they feel about where they live, their sense of belonging, public transport and whether they earn enough to live comfortably.

According to the property portal, Monmouth is the happiest place to live in Wales, while Stirling was top in Scotland.

Feeling proud to live in an area was the main factor in overall satisfaction, Rightmove said, while living near family and friends was the smallest driver.

The designer of an interactive virtual reality chair for use with games sold by the owner of Facebook has snapped up nearly £2.5m from investors.

Sky News understands that Roto VR, which is seeking to capitalise on burgeoning appetite for enhanced VR gaming, will announce this week that it has secured the funding from investors including Pembroke VCT.

Roto VR is the company behind the Explorer chair, which launched globally last month and is part of the “Made for Meta” programme – underlining its status as a key partner of the US technology behemoth.

The Explorer is compatible with more than 400 games and apps available from the Meta Horizon store.

Its design has resolved commonly cited problems with other VR chairs, according to the company, including the prevalence of motion sickness for users.

Roto VR said its eye-tracking technology enabled the Explorer chair to align physical rotation with users’ eye gaze, providing a more comfortable experience.

The company has struck deals to sell the product through Argos, GameStop and Selfridges.

The funding round – Roto VR’s second – has also been backed by new and existing angel investors from the UK and US.

Elliott Myers, founder of Roto VR, said he was “thrilled to be launching the Roto VR Explorer with industry leading partners such as Meta after a considerable period of product development and market analysis”.

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Pembroke VCT, which is listed on the London stock market, initially backed Roto VR five years ago.

“Elliott and his team have engineered a solution that not only overcomes common barriers in VR engagement but also greatly enhances the overall experience,” said Andrew Wolfson, CEO of Pembroke Investment Managers.

“The Roto VR Explorer exemplifies British innovation with global impact.”