Railtrack faces huge fines for train delays.
RAILTRACK The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking.
The get-tough get-tough
Marked by resoluteness, aggressiveness, or austerity: the government's new get-tough policy on organized crime. message to the train infrastructure company came from Rail Regulator Statutory office - created with effect from 1 December 1993 by section 1 of the Railways Act 1993 - for the independent economic regulation of the British railway industry. Tom Winsor Tom Winsor (born December 7 1957) is a British lawyer and economic regulatory professional who was, from July 5 1999 until July 4 2004, the Rail Regulator and International Rail Regulator for Great Britain. .
Railtrack will now have to reduce by 12.7 per cent, in terms of minutes, the delays it causes to passenger trains.
The company will have until the end of March 2000 to meet the target. If not, Mr Winsor Winsor can refer to:
This could result in fines of:
More than pounds 40 million if Railtrack only achieves the same rate of delay reduction as last year, when it achieved a 2 per cent reduction against a target of 7.5 per cent.
About pounds 20 million if Railtrack achieves this year's target of 7.5 per cent but fails to catch up on last year's shortfall Shortfall
The amount by which the capital required to fulfill a financial obligation exceeds available capital.
Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. .
About pounds 10 million if Railtrack achieves this year's 7.5 per cent target and gets half way to making up last year's shortfall.
Mr Winsor said: ''Today's action is the first step in the enforcement process. Its objective is to secure compliance with Railtrack's network licence obligation.
''Passengers have been waiting far too long for better performance from the railways. They have heard numerous statements of good intentions, and been given promises of jam tomorrow.
''The time has come to take action to make the privatised railways treat the travelling public with the same respect as they treat their shareholders.''
Mr Winsor stressed he was only requiring Railtrack to meet its own obligations and he was not imposing any new obligations.
Mr Winsor's action follows damning figures yesterday from passenger watchdog body the Central Rail Users Consultative Committee that train delays and cancellations were getting worse and passenger complaints had reached an all-time all-time
Exceeding all others up to the present time: an all-time speed skating record.