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It was announced in December 2013 that the Government, the Office of the Rail Regulator and Network Rail would explore whether alternative approaches or refinements to Network Rail’s current borrowing model could deliver a more efficient approach, and if so from what point in time these might be introduced. The Government has now determined that, in future, value for money for the taxpayer will best be secured by Network Rail borrowing directly from the Government, rather than by Network Rail issuing debt in its own name. The Department for Transport and Network Rail are discussing details of a possible loan arrangement in advance of Network Rail’s formal reclassification to the public sector in September 2014. The Government’s current expectation is that it may lend up to £6.5 billion to Network Rail during the 2014-15 financial year. It is therefore factoring this into its financing plans.
Extracted from CGNCR OUTTURN 2013-14: REVISION TO THE DMO’S FINANCING REMIT 2014-15 (UK Debt Management Office, 23 April 2014)
