Network Rail Stealing Your Taxes
thereelstory | 16.12.2004 00:21 | Globalisation | Social Struggles
On November 2, the FT reported that there was a boost to railways as £20bn borrowing planned. It forgot to tell you that there will be no boost as Network Rail plans to take £20bn of taxpayers money over the next 5 years.
Network Rail is an unprofitable company set up by privatisation Government approved thief Adrian Montague, an ex-City lawyer who specialises in drawing up financial schemes that are called things like we need "£20m using the bond market to invest in the UK rail network and to refinance its existing debt. We need to be backed by a long-term indemnity from the government." FT dum people either do not understand or have been editorially sanctioned to tell you this means you the taxpayer will be paying.
Financial Times. 2 Nov.2004. p.3.
Network Rail is an unprofitable company set up by privatisation Government approved thief Adrian Montague, an ex-City lawyer who specialises in drawing up financial schemes that are called things like we need "£20m using the bond market to invest in the UK rail network and to refinance its existing debt. We need to be backed by a long-term indemnity from the government." FT dum people either do not understand or have been editorially sanctioned to tell you this means you the taxpayer will be paying.
Financial Times. 2 Nov.2004. p.3.
thereelstory
Comments
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I think its good to subsdise the railway
16.12.2004 16:00
If we're serious about protecting the environment, we need a great public transport network, which costs money as half the track hasnt been upgraded since 1890 or something ridiculous like that.
Admitidly, NR has been wasteful in some areas, but it did inherit from Railtrack! To its credit, it has got rid of Jarvis (private eye's favourite!) and is on its way to taking all maintence work back in-house. It also pays its directors less for every minute of train delays and every pound wasted by the company.
Its not perfect, but NR seems like a good model that other privatised industries could move towards.
Phil
zArk
31.12.2004 16:08
paul
zArk
31.12.2004 16:18
Crucially, the Bill will abolish the Strategic Rail Authority, the current guarantor of Network Rail's debts, effectively transferring the guarantee to the Department for Transport. Network Rail had debts of £13.9billion at the half-year and admits it is heading for borrowings of £20billion.
ooo golly i wonder how this system benefits anyone... hmmmmm
or the times
Network Rail has been assigned AAA ratings by Standard & Poor’s, Moody’s and Fitch after the Government decided to underwrite the £20 billion debt issuance programme
private companies claiming public money....
plus it gets worse
Network Rail has secured a £22bn government funding package to invest in track, signals and stations. 12-Dec-2003
ermm 2 billion more.... 2 BILLION"""
2 BILLION
get your heads around that !
TWENTY TWO BILLION QUID OF YOUR MONEY
£22 , 000 , 000 , 000. 00
makes me mad
paul