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“I have considered the revised basis of valuing the railway network in the context of my audit of the SRA’s accounts. The approach adopted by the Directors of Network Rail to value the railway infrastructure assets is acceptable under financial reporting standards. It is also consistent with the accounting policies of the SRA and the latter’s requirement to prepare accounts in line with the Accounts Direction issued by the Secretary of State for Transport, including the requirement for the accounts to comply with ‘Executive Non-Departmental Public Bodies: Annual Reports and Accounts Guidance’ issued by HM Treasury.

“The policy is in addition consistent with International Accounting Standards which are planned to be adopted from 2005, whereas the previous basis of valuing the railway network was not consistent with these Standards.”

“Road traffic congestion on our motorways and trunk roads is an enduring problem. I welcome the Highways Agency’s efforts to attack the problem by making better use of our existing roads. In particular, it is aiming to improve roadside information to motorists and to deal more effectively with incidents and accidents.

“I am looking, however, for the Agency to adopt a less risk averse approach. It must not only carry out more effective trials of proposed congestion-reducing measures; but also, if the trials are successful, follow the lead of its overseas counterparts in implementing these technologies more widely on the network.”

“The Metronet PPP contracts to upgrade the Tube left the DfT without effective means of protecting the taxpayer. Metronet’s failure led to a direct loss to the taxpayer of between £170 million and £410 million. The DfT’s work with the Mayor of London, TfL and London Underground on a long term solution will need to improve governance and risk management in the new arrangements they are intending to put in place to protect the taxpayer.”