Member

The noble Lord recounted some other examples, including of course bringing Network Rail on to the public balance sheet in 2015. He quotes £30 billion, but my recollection is £54 billion, actually. Of course, there were some consequences of that. One he did not mention is that Network Rail was henceforth required to consider efficiency much more carefully afterwards than it had done for many years previously. The consequence of that has been a significant reduction in the costs of some of the things that it does, as I can attest, since I chaired it for nine years until 2024.