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.
11 March 2016
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.