HC Deb 29 October 2001 vol 373 c479W
Mr. Pickles

To ask the Secretary of State for Transport, Local Government and the Regions how he intends to deliver the planned private investment in the railway set out in the 10-year transport plan. [9838]

Mr. Spellar

The Government intend to propose that a private sector company limited by guarantee should succeed Railtrack. This new company would be financially sound and structured so that it would achieve at least a BBB—and potentially higher investment grade credit rating. We are confident that this credit rating, combined with income from track access charges and network grants, would enable the new company to deliver the 'Railtrack elements' of private investment included within the 10-Year Plan.

We are confident that private sector investment will continue to be raised as planned for the completion of the channel tunnel rail link and for substantial new investment in rolling stock. We have envisaged for some time that major enhancement projects would be taken forward by standalone special purpose vehicles. The Government are continuing to develop their framework for establishing these vehicles.