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Written question asked by Lilian Greenwood (Labour) on Tuesday, 8 March 2016, in the House of Commons. It was due for an answer on Friday, 11 March 2016 (named day). It was answered by Claire O'Neill (Conservative) on Friday, 11 March 2016 on behalf of the Department for Transport.

Network Rail: Finance

Question

To ask the Secretary of State for Transport, with reference to page 35 of Network Rail Infrastructure Ltd's Regulatory Financial Statements for the year ended 31 March 2015, what cash funding his Department has committed to the (a) Reading Station redevelopment and (b) Great Western Electrification Programme in order to reduce the amount being added to Network Rail's Regulatory Asset Base; and for what reasons that policy has been adopted.

Answer

This transaction relates to funding commitments announced by the Government in Autumn 2014. These decisions were taken in order to make the most effective use of the department's resources in financial year 2014/15 and progress delivery for passengers.

In accordance with Clause 2.4 of the Facility Agreement, the department provided Network Rail with a £155 million grant in exchange for a £125 million reduction in the Available Commitment of the Facility and £30.5 million worth of work to be brought forward into Control Period 5 - the time period covered by the Facility Agreement.

Secondary information

Type
Written question
Reference
30250
Session
2015-16
Subjects
Finance Network Rail Repairs and maintenance Electrification Great Western main line Reading Station
Contains statistics
Yes
Link
View this Written question on www.parliament.uk