Dire predictions that passenger numbers on the GWR would suffer because of the 'credit crunch' seem to be unfounded.  August figures show that compared with this time last year the railway continues to be about 2 per cent ahead in terms of train tickets sold. Year to date, 43,734 tickets had been sold compared with 42,913 over the same period in 2007. About a quarter of tickets were sold at Cheltenham Race Course station.

"I think we are in a good position to benefit from the reduction in overseas holidays," says Colin Dymock, head station master. "Conversations with visitors suggests that many people are opting for days out rather than taking a holiday outside the UK.  Of course, the Cotswolds is a great destination and some of the finest views can be seen from our carriage windows."

Passenger numbers have also held up despite the sometimes appalling weather. But, as Colin points out: "A steam railway is actually a good place to be on a wet day. The carriages are warm and dry and the white plumes of steam from the locomotive can easily be seen drifting over the countryside, adding to the experience. That's something that you don't see on a warm and sunny day because the steam evaporates almost as soon as it leaves the engine's chimney."