However, its problem is that Railtrack is almost entirely dependent for revenue on the train operators, who in turn are reliant on political decisions about subsidy. So exactly the same argument applies against investment in Railtrack as in the passenger franchises.
The investment community understands that there is no question of an incoming Labour government accepting politically- motivated subsidy or franchise arrangements entered into by the Tories in respect of a privatised railway, or any part of it.
This is what separates the railways from all other privatisations. It is a subsidised industry, and all the more so because of the vastly inflated access charges set by Railtrack. Anyone who invests is gambling on the continuation of politically-determined subsidy, and the assistance of a compliant franchise director. These would, to say the least, be reckless assumptions.
MP for Cunninghame
House of Commons
The writer is Labour spokesman on transport.Reuse content