First for benefitting from NatEx discomfort

Telegrammed by Ithuriel
When and if NXEC runs out of committed money and NatEx hands back the keys, it also gives DafT the £32 million performance bond.

Say it's going to cost DfT a couple of million to run its Holting (geddit) company until Inter-City East coast is re-let again, that 30 million will come in very handy when it comes to collaring FGW's revenue shortfall which is going to be well north of £60m in the current financial year.

How fortunate that DfT Rail's policy of not renegotiating franchises didn't apply to FGW when cap and collar was brought forward by two years.