Network Rail: Funding and Reliability - Question

Part of the debate – in the House of Lords at 3:34 pm on 26 April 2023.

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Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton Parliamentary Under-Secretary (Department for Transport) 3:34, 26 April 2023

My Lords, once again we shall address the notion of dividend payments, because it is really important that we are clear about it. The dividend payments declared during the financial year 2022 related to periods far preceding that 2022 period, and therefore were earned by the train operating companies under contracts that were in existence at that time. One cannot retrospectively go back and take away money without completely tearing up the contracts and starting again. Maybe a Labour Government would do that, but we will not. We will stick to the contract and work with the industry, and we will get improvements to our rail system that way.