Latest Rail News

09.05.16

NR asset sales must safeguard future rail requirements – Perry

Network Rail asset sales by the newly-created Network Rail Property will still be subject to overview by the Office of Rail and Road (ORR) and the transport secretary, rail minister Claire Perry has confirmed.

Lilian Greenwood MP, the shadow transport secretary, asked Perry in a House of Commons question whether the recently created Network Rail Property will be responsible for disposing of Network Rail’s operational estate.

Perry replied that any asset sales will only take place once Network Rail has satisfied its board, the transport secretary and the ORR that it is safeguarding the current and future requirements, including operational needs, of the railway.

The rail minister did add, however, that Network Rail’s enhanced property business will lead on disposals.

Network Rail is facing £50bn of debt by the end of the decade and is considering selling off its major stations and electrical power assets to try to balance its finances.

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