RAIL

travellers facing a 3.6 per cent hike in fares will not be amused to learn about the losses of state-run Network Rail — owner of Britain’s tracks and stations — in the derivatives market. Tory MP John Redwood, whose Wokingham constituency is in the Berkshire commuter belt, says: ‘According to the last accounts, Network Rail lost another £116 million on “movement in the value of cash flow hedge derivatives”, compared to a £232 million loss the previous year.’ Redwood adds in his blog: ‘What benefit is this to taxpayers who supply 70 per cent of the revenue and who own 100 per cent of the shares of this business?’ If they stuck to their day job, perhaps we would have a decent service.’