§ Mr. Nicholas BennettTo ask the Secretary of State for Transport if he will detail at constant 1988–89 prices the total capital investment in British Rail in each year since 1959; and if he will make a statement.
§ Mr. PortilloBritish Rail has recently compiled the following table showing investment in the railway since 1948. The figures include investment in Freightliners, BRML and BREL, but exclude the laying of continuous welded track which British Rail does not now classify as investment.
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£ million cash £ million 1988–89 prices 1948 40 572 1949 44 607 1950 43 591 1951 41 519 1952 38 444 1953 56 631 1954 63 710 1955 68 731 1956 90 916 1957 120 1,171 1958 134 1,255 1959 154 1,433 1960 147 1,353 1961 130 1,156 1962 94 810 1963 73 612 1964 83 673 1965 92 709 1966 81 599 1967 65 463 1968 58 401 1969 39 253 1970 48 289 1971 59 328 1972 73 376 1973 81 389 1974 103 432 1975 157 518 1976 176 506 1977 193 484 1978 208 468 1979 248 491 1980 304 501 1981 277 410 1982 243 334 1983 252 329 11984 280 349 1985–86 399 465 1986–87 399 450 1987–88 526 563 1988–89 — 2596 1 1984–85 was a 15-month financial period. The figure shown for 1984 is the 12-month internally reported result. 2 Forecast outturn. Indicative figures for BR's plans for future investment (excluding investment in BREL, which is being sold, and in the proposed high speed link to the Channel tunnel) are:
£ million 1989–90 740 1990–91 820 1991–92 880 1992–93 820 In order to show the most consistent picture the figures in the table include some elements of "corporate" as well as "railway" investment. BR's standard definitions of these have changed over the years. The figures have been adjusted to current values by the most recent indices and include the latest available information. They show that there was a high level of investment during the modernisation programme of the late 1950s and early 1960s. BR's route mileage now is 45 per cent. less than it was in the peak investment year of 1959, but passenger mileage is currently at broadly the same levels as in 1959.