LondonNet News Headlines
|Railtrack On Route For Cash Boost|
- 'There can be no excuses now,' says rail industry regulator
RAILTRACK is to be handed UKP5 billion over a period of five years, rail regulator Tom Winsor announced today.
The cash, UKP900 million more than estimated, will be derived from government grants and an increase in charges to the train companies using the lines. It also requires Railtrack to produce an asset register showing the "condition, capability and capacity of all its assets."
Mr Winsor said that the money would be spent in order to ensure that Britain has a railway fit for the demands of increasing passenger numbers and freight users. "I have been and will continue to regulate Railtrack in the public interest. By its own admission, the company must do better. There can be no excuses now," he said.
The announcement comes less than a week after the Hatfield crash, thought to be caused by a broken rail, which resulted in four deaths.