§ Mr. GapesTo ask the Secretary of State for Transport what sanctions apply to the selling by Railtrack of land in the operational portfolio. [6009]
§ Mr. WattsRailtrack cannot sell any operational land—that is, land required for rail purposes, as defined at section 39 of the Railways Act 1993—without going through rigorous statutory closure procedures. The Rail Regulator, who has a duty to have regard to the interests of all rail users, will take decisions on closure proposals, with any subsequent appeals being referred to the Secretary of State. The regulator has the power both to require Railtrack to comply with the closure procedures and to impose a fine in the unlikely event of a breach.
Any profits realised by Railtrack from property sales are subject to arrangements whereby 25 per cent. of the profits over and above those taken into account by the regulator in setting the level of charges for access to the track, are clawed back and paid into the Exchequer via lower subsidy levels.