£38bn rail revamp 'reset' over costs and delays
A £38 billion five-year government plan to overhaul Britain's railways is being "reset" because it is "costing more and taking longer", Transport Secretary Patrick McLoughlin has said.
Network Rail executives will not get bonus for past year
Network Rail's executive directors will not be receiving a bonus for 2014/2015, Transport Secretary Patrick McLoughlin has said.
It follows the infrastructure company's admission that it had been "overly optimistic" about completing a five-year, £38 billion rail improvement plan.
Their bonus entitlement had previously been reduced from a maximum of 160% of salary to 20% shortly after Mark Carne joined as chief executive last year.
Mr Carne has previously announced that he would forego this year’s bonus.
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