Railtrack (No.2)

EDM number 376 in 2001-02, proposed by Theresa May on 07/11/2001.

That this House regrets the decision made by the Secretary of State for Transport, Local Government and the Regions to put Railtrack plc into administration; notes his statement that this action was taken because of his belief that refusal to grant financial assistance would render Railtrack insolvent; observes that Railtrack's accounts at 31st March included over ú2 billion of undrawn committed bank facilities as well as an unspecified amount of property assets; further regrets the recent discrepancies between statements made by the Secretary of State and the Chairman of Railtrack over the content of discussions at their meeting on 25th July; welcomes the decision of the Chairman of Railtrack to hand over his minutes of that meeting to the Financial Services Authority; and calls upon the Secretary of State both to end the confusion by publishing his minutes of that meeting and to launch a full and independent public inquiry so as to remove any doubts about the basis upon which recent decisions on the railway were made.

This motion has been signed by a total of 71 MPs.