As Sir Alastair Morton, former SRA chairman, said before he resigned the post last month, who 'in the present mood' would want to risk investing in the railways? He also queried how much of the Government's share would actually be spent on rail improvements with a lot of the money going on subsidies, operating costs, maintenance and safety. 'If you then do not get that other 50% that is supposed to come from the private sector you aren't very far forward,' he said.