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TSSA backs Network Rail move to public sector

17 December 2013

The ONS has now re-classified Network Rail as a publicly owned company with its £30 billion debt mountain moving back to the public sector borrowing requirement.

Welcoming the move, the TSSA rail union called for Ministers to take action against the "sky-high" bonus schemes at Network Rail which allows the five top bosses to earn bonuses of up to 93% a year on top of their six figure salaries.
 
Manuel Cortes, union general secretary, said: "We very much welcome the announcement by ONS that Network Rail (NR) is a publicly owned company. We have argued long and hard that this has been the case ever since the company was created following the demise of Railtrack after the Hatfield tragedy.

"It is high time that the Transport Secretary steps up to the plate by introducing a new governance structure that ends abuses in the NR boardroom that have led to mega-bonuses for the company's top brass on a yearly basis.
 
"Last year, NR chief executive Sir David Higgins earned £700,000, five times more than the Prime Minister. That is the economics of the madhouse.
 
"We very much believe that today marks the beginning of the end of the Tories privatisation experiment that have led to highest fares in Europe and a colossal waste of taxpayers money. We should follow the lead of our European neighbours and run our railways in the interests of passengers rather than those of greedy shareholders."

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