HC Deb 09 January 1996 vol 269 c48W
Mr. Spearing

To ask the Secretary of State for Transport if he will list(a) the proportions of the planned £10 billion investment by Railtrack that he expects to be made when it is in (1) public and (ii) private ownership and (b) the sources of finance; and what part will be taken by the public finance initiative. [7551]

Mr. Watts

The precise phasing of planned investment is a matter for Railtrack. The Government have announced their intention to privatise the company in May 1996. Future investment in the railway should, as far as is practicable, be a matter for the private sector, with the private sector taking the investment decision, providing the finance and accepting the risks and rewards.

The majority of the planned investment programme described in Railtrack's recently published network management statement relates to the maintenance and renewal of the existing infrastructure and will be funded by the access charges paid by train operating companies. Railtrack has also identified some opportunities for developing the network, and it is envisaged that any investment in these enhancements would in the main be remunerated through additional access charges agreed with train operators. Railtrack may also be eligible to apply for contributions to the costs of specific projects from public sector bodies, including the European Union and local authorities.