Regulator takes hard line on Railtrack performance targets
Railtrack was under the cosh from the industry's regulator Tom Winsor yet again yesterday when the infrastructure company was issued with new performance targets.
While the company had suggested that it should aim to reduce train delays attributable to it by 5 per cent in the next financial year, Mr Winsor said that it should also make up any shortfall on current objectives.
The group is meant to achieve a target of 12.7 per cent in the year to the end of this month, which includes a 5.2 per cent undershoot from the previous year. Mr Winsor said the company had worked hard to meet the 12.7 per cent objective and was "doing well". Railtrack said last night that it expected to achieve a 9 to 10 per cent improvement, which would mean a financial penalty of around £10m.
The regulator said the 2000/01 target had been recommended by experts and independent consultants and was "fair and achievable". Railtrack shares closed 16p down at 602p.
He warned Railtrack to take the new objective as seriously as it had taken the current one and expressed his hope that for 2001/02 onwards he would be able to rely on improved contractual incentives rather than enforceable targets. Next month, he will be publishing his provisional conclusions on a new framework of incentives. Mr Winsor said he expected to impose a £2m per percentage point penalty for any shortfall by Railtrack in 2000/01, but added that this figure could go up to £4m.
One industry source compared the tough approach of the regulator with the allegedly more liberal attitude of the Shadow Strategic Rail Authority (SSRA). "If only the SSRA enforced the train companies' agreements with anything like the same vigour, passengers would not have to suffer the poor service and cancellations they do at present."
Railtrack said the regulator's statement meant it had to meet an improvement target of 8 to 9 per cent which was "a huge task".
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
New essay by JK Rowling went live on Pottermore site this morning
New UK station Russia Today gives a very bizarre view of Britain
Top Gear presenter is no stranger to foot-in-mouth controversy
- 1 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 2 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 5 The bubble bursts for Sodastream
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Woman blinded as a child can see again after hitting her head on a coffee table
Top Gear presenter Jeremy Clarkson criticised for beer tweet
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
£40000 - £65000 per annum + bonus + benefits + OT: Ampersand Consulting LLP: M...
£22800 - £33600 per annum: Randstad Education Manchester Secondary: The JobAt ...
£22800 - £33600 per annum: Randstad Education Manchester Secondary: Calling al...
£100 - £125 per day: Randstad Education Chelmsford: EYFS Teachers - East Essex...