Business of the House

Kelvin Hopkins Excerpts

Thursday 27th February 2014 Commons Chamber

[Kelvin Hopkins (Luton North) (Lab)]

Since the privatisation of the railway industry there has been an explosion of capital works costs, both in track renewals and maintenance. Debt in the industry is reaching crisis proportions, and as and when interest rates begin to rise that crisis will surely be precipitated. May we have a full and urgent debate on the finances of the railway industry?

[Mr Lansley]

I cannot offer an immediate debate, but the hon. Gentleman will know that the House has often recently had occasion to ask questions about the rail industry and, in particular, to note the scale of the Network Rail investment in prospect. We are talking about a £38 billion investment, which is the largest rail investment in this country since the Victorian era. It is not just about High Speed 2—that is not even the largest part of it; there are schemes across the whole country, in response to the fact that the number of passengers on the railways has more than doubled since privatisation.