Network Rail's debt to be in government accounts
Network Rail's debt will be included in the whole of government accounts while left out of Gordon Brown's 'golden rule' on borrowing.
Link:NAO urged to probe Network Rail ‘loan’
The Treasury has chosen to include the government guaranteed Network Rail borrowing of £21bn in the 2005 whole government accounts. Sir John Bourn, head of the National Audit Office, which will soon be auditing whole of government accounts, has indicated his belief that borrowings by Network Rail should be included in government debts.
However chancellor Gordon Brown is understood to be insisting that the debts not be included in ‘golden rule’ calculations for deciding whether he is meeting his own borrowing rules. “/>
