My right hon. Friend is as wise as ever. Not only do we have public money going into our railways, but we are seeing private investment attracted into our railways and therefore more investment in aggregate. We have this urgent need for capacity within our network to cater for the growth both in passengers and in freight.
After years of decline, this decision has been taken to go for growth. The next question that successive Governments have faced is what form that should take. Should it be investment in the classic rail network, or should we be embracing new technology? Well, we should of course be embracing new technology. Perhaps it is again worth remembering that that has not always been the case under nationalised industries. The UK built its last steam engine in 1960, and it was only in 1964 that the Japanese introduced the bullet train. The Government are buying investment not in phone boxes, but in fibre broadband. Technology should of course be at the heart of our investment decisions.