NORTH Thanet Tory MP Roger Gale has criticised the Government for putting Railtrack into receivership. His comments follow half-yearly figures issued today that show a profit of £292 million.

Mr Gale said: “The figures show very clearly that the company was viable in the short-to-medium term and that it would have been possible to refinance it if the Transport Secretary had not allowed doctrinaire prejudice against privatisation to cloud his judgement.”

He has asked the Parliamentary Ombudsman to investigate the Government’s handling of Railtrack and said: “Since the company went into receivership, my constituents who commute have suffered an appalling service. There are also those who have written to me because they are likely to lose life savings in Railtrack shares. These people are not fat cats but are pensioners, some of whom have given a lifetime’s work to the railways and who invested in their own company.”

Railtrack say the financial results show it was performing well when the Government made its decision in October and is threatening legal action.

Mr Gale said that Transport Secretary Stephen Byers “should resign in the interests of the country” but he added: “In party political terms his presence is a constant reminder of this Government’s mismanagement of domestic issues.”