Network Rail

Department for Transport written question – answered on 8th December 2014.

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Photo of Simon Kirby Simon Kirby Conservative, Brighton, Kemptown

To ask the Secretary of State for Transport, what steps he is taking to ensure that Network Rail operates within its budget for the 2014-15 financial year; and if he will make a statement.

Photo of Claire Perry Claire Perry Parliamentary Under-Secretary (Department for Transport)

Network Rail operates under a network licence enforced and monitored by the independent Office of Rail Regulation, which also sets the spending and expected outputs for the railway over the current five-year Control Period 5 covering 2014-19. The Office of Rail Regulation continues to monitor and oversee Network Rail’s delivery of outputs, efficiency and financial performance against what it has challenged Network Rail to deliver in its Determination for Control Period 5.

The Framework Agreement between Network Rail and the Department for Transport sets out the new approach to governance, financing, accounting and budgeting following Network Rail’s reclassification to the public sector. It has been written with reference to “Managing Public Money”, the HM Treasury guidance on the principles for managing public resources.

The Framework Agreement includes a requirement upon Network Rail to provide regular financial information, and to lay a copy of its accounts in Parliament.

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