They said six years. Is this it?

So Network Rail have confirmed that they won't make their Control Period 3 efficiency targets.

According to the FT...

The company that owns Britain's rail network has missed its target to cut costs over the past five years, according to preliminary estimates, fuelling calls for rail bosses to forgo their six-figure bonuses.

But what's this?

Naughty Network Rail says the reason it missed its efficiency targets was "largely because of track renewals".

However, there is good news.

"We are aware of the challenges ahead on track renewals and are working on a number of initiatives to reduce the cost of carrying them out."

What could this mean?

Surely not bringing renewals back in-house.

UPDATE: This from our man at 222 Marylebone Road...

Old news is bad news?

What is the Pink 'un on about today, treating Network Rail's failure to meet efficiency targets as some new revelation?

Full details of the shortfalls were published on Page 114 of the the ORR Determination of Network Rail's outputs and funding for 2009-14' published in... October 2008!

Still it provided a timely peg on which to hang another NR bonus story.