The government will be able to avoid the embarrassment of including Network Rail’s borrowing and debt on its books until well after the next general election.
The Treasury has delayed the publication of an accounting framework which would increase the transparency of decision-making and include Network Rail’s debts on its books for the first time.
The not-for-dividends company’s debts are likely to increase to well over £20bn during the next few years.
References: Financial Times 15/12/03 page 9
