GOVERNMENT MINUTES RELATING TO NETWORK RAIL

Early day motion 1557, tabled 3 July 2002 by Baroness May of Maidenhead (Conservative). Signed by 64 members.

That this House notes the two Minutes laid before this House on 27th June by the Secretary of State for Transport and objects to those Minutes on the grounds that they state that Network Rail would not be classified as a public sector organisation and that its expenditure and liabilities would not score against public sector expenditure and net debt; further objects to the fact that the Strategic Rail Authority does not have the legal power to borrow to cover the sums it is guaranteeing; agrees with the National Audit Office that the Government is effectively providing security for the providers of debt finance to Network Rail, is acting as the lender of last resort in the event of financial difficulties, and is, therefore, the party bearing the risk; therefore believes that the substance of the arrangements set out in the Secretary of State's statement of 27th June and in the associated Minutes is that Network Rail should be classified as a public sector organisation and that Network Rail's expenditure and liabilities should score against public expenditure and net debt; and calls on the Secretary of State to withdraw these two Minutes, to revise the reporting arrangements and ensure that the Strategic Rail Authority acts within its legal powers.

Signatures by party: Conservative 64.