Britain's train companies should extend concessionary rail travel to more than 330,000 armed forces veterans, says the Labour party.

It points out that in 2011/12 the companies' income was £305 million more than their expenditure and says it is right that a small proportion of the profits are used to support those who have served in the name of national security.

At present, the HM Forces Railcard, used by around 72,000 armed forces personnel, saves them and their families a third on their rail fares.

Labour argues that extending this to the 332,826 veterans who are on the armed forces pension scheme would have no cost to the public purse as the HM Forces Railcard is a concession granted by the Association of Train Operating Companies.

Jim Murphy, the shadow defence secretary, said: "This would be a meaningful move to support those who have given so much to our country."