I asked the Minister to tell me how we can isolate, to some degree, consistent investment decisions in the new railway structure from Treasury
decisions that tend to move public investment up and down very regularly—I do not understand how that happens. We are moving from a situation where, if I have got this right, we have, effectively, investment being off-balance sheet through train operating companies and other organisations to on-balance sheet public expenditure. I am still desperate to understand how the new public sector train operating companies can properly rely on consistent investment. I would be interested to hear from the Minister what he expects the average level of investment in railways to be, per annum, over the next five years.