The private sector is wary of putting money into the railways because of the way Stephen Byers handled Railtrack

Theresa May

Downing Street says it does not pretend improving services will be easy but the Strategic Rail Authority's newly-unveiled plan did show what changes people could expect and when.

Speaking after the SRA revealed how a huge investment plan would be spent, Mrs May said there was little new in the latest announcement.

"Over the years public transport hasn't been at the top of everybody's agenda," she said on BBC Radio 4's Today programme.

Mrs May criticised the dependence of the new rail plan on private sector money.

Mr Byers says the plan has the vision the railways needed

"The private sector is currently rather more wary of putting money into the railways precisely because of the way Stephen Byers handled Railtrack - the way he pulled the plug on the company and left the shareholders stranded.

"So there's a real question whether that money is going to come forward."

Those fears were given credence by Chris Tarry, railways analyst at Commerzbank.

Mr Tarry told BBC Radio 4's World At One programme: "After putting Railtrack into administration, confidence between the government and the city, I think, is completely shattered."

That confidence would take time to restore, said Mr Tarry, who also predicted attracting investment would now be more expensive as the City thought the risks were higher.

Liberal Democrat transport spokesman, Don Foster, said the government's plan was "long overdue".

Fragmentation

"However, much of the plan is not new, and there is little additional investment by the government," he said.

Mr Foster went on to point out that there was little in the review that addressed "fragmentation, excessive fares or overcrowding".

"Despite the government's claim that they will increase public spending in the railways over the next 10 years, in real terms public expenditure will remain lower than under the final years of the Conservative administration.

It is a great pity that the Labour government wasted five years before taking action

Don Foster Lib Dems

"There is still a long way to go before we create a safe, reliable and affordable railway," Mr Foster said.

"It is a great pity that the Labour government wasted five years before taking action."

Later, Tony Blair's spokesman said ministers were not pretending radical change would happen overnight.

"I am not going to overhype or overpromise, we are going to be frank with the travelling public.

"The travelling public will make an assessment on their own experience, not on media headlines or a gimmick here and a gimmick there.

"We totally understand that. It is why we are not pretending things will be easy."

'No more excuses'

Mr Byers issued a statement insisting that the strategic plan for the railway was "an important step in the right direction".

But he conceded that the �33.5bn cash injection meant there could be "no more excuses" on the railways.

"We have the money and now we have a detailed industry plan so there can be no more excuses.

"It sets basic objectives, allocates funds, identifies priorities and sets a clear timetable for delivery.

"Richard Bowker (chairman of the Strategic Rail Authority) has demonstrated he has the vision and leadership necessary to make a real difference."

The transport secretary is due to make a full statement in the House of Commons later on Monday.