Network Rail to cut bonuses

Network Rail will make an announcement this morning in which it is expected to announce plans to rein in its bonuses. Executive directors at Network Rail, which receives £3bn from the public purse each year, are eligible for bonuses of up to 60 per cent of their salary and long-term bonuses that can double their pay. Last year the firm came under fire for paying its infrastructure boss a £300,000 retention bonus despite his leaving in June.