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Thursday, 27 June, 2002, 16:16 GMT 17:16 UK
Railtrack successor unveiled
UK station
Network Rail says profits will go back into the business
Last October Stephen Byers, the then Transport Secretary was hailed as a hero by Labour backbenchers for putting Railtrack into administration.

Now his successor Alastair Darling has revealed details of the deal to replace it.

He told MPs that the Government is selling Railtrack's assets to a new not-for-profit company called Network Rail for 500m pounds.

300m of that will be provided by the government - taxpayers in other words - but the new rail company , which is made up of train operators, rail unions and passenger groups will inherit Railtrack's debts of 7bn.

We spoke to the Transport Secretary Alastair Darling and Juliett Jowitt, Transport correspondent for the Financial Times, who outlined the main points in the deal for us.

Click on the links above right to hear these interviews - and a report from our transport correspondent Tom Symonds.

 WATCH/LISTEN
 ON THIS STORY
Transport Secretary Alastair Darling
Railtrack needs to come out administration quickly
Juliett Jowitt of the FT
explains the deal
BBC Transport Correspondent Tom Symonds
looks back on the troubled history of Railtrack

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