Stephen Byers' plans emphasise quick-fix solutions

There is also a new emphasis on quick-fix solutions - prompted by the Transport Secretary Stephen Byers' promise that voters would see a difference by the next election.

The amount of money being put into cosmetic improvements is four times greater than originally envisaged.

There is now more than �400m available for more waiting rooms, more information when things go wrong and extra carriages to relieve overcrowding.

That is on top of the money already committed to installing Train Protection Warning Systems and the phasing out of 1700 Mark1, "slam-door" trains in the south of England. All things that passengers will notice soon.

Uncertainty

But the sticking-point is that fact that passengers are most concerned about punctuality and reliability - not about how comfortable their journey is. Sorting that out will take much longer.

And it will depend on how much money is available.

In its 10-year transport plan, the government said it wanted to see 50% more passengers and 80% more freight on the railways within 10years.

The longer the company stays in administration, the less confident potential investors will be

Originally it estimated that this would cost �29bn pounds, which would be matched by investment from the private sector.

That figure has now been raised to �33.5bn - because of cost overruns by Railtrack.

Not only that, but the Strategic Rail Authority now reckons that passenger numbers will grow by "between 40% and 50% by 2010".

It says: "Recent upheavals mean that forecasting demand 10 years ahead is more than usually uncertain..."

That uncertainty shows why it so hard to predict whether this plan will work in the longer term.

Risk-free investments

The government wants the private sector to match its investment pound for pound - bringing the total to around �70bn over 10 years.

In its plan, the Strategic Rail Authority has spelt out to the private sector what the priorities are, which projects are expected to go ahead and by when.

That goes some way towards enabling train operating companies and suppliers to the industry to plan for the long-term. But the SRA cannot control market forces.

All "slamming door" trains will be phased out

Ever since Railtrack was forced into administration, the cost of raising private finance for major projects has gone up, because of the perceived greater risks involved.

The longer the company stays in administration, the less confident potential investors will be. And much depends on whether a satisfactory deal is hammered out for Railtrack shareholders.

So while in theory, investing in the railways should be a profitable, relatively risk-free business, in practice it may not be.

And the revelation that many train operators are losing money makes it all the more likely that extra investment may not be a priority.