LACK of sufficient investment is at the root of the mounting problems facing Britain's railways.

It was the overriding factor which brought down Railtrack and brought it back under effective public control.

Starved of adequate resources to upgrade and maintain tracks, or upgrade or replace ageing fleets, the industry faces an increasingly bleak future.

How can we hope to attract more people off the road and on to rail, if the travelling public is faced with sub-standard carriages, late-running trains or trains that don't run at all?

Train operators say they are prepared to invest in modern rolling stock if they are given guarantees that their franchises will be long-term.

But when GNER seeks a 20-year franchise for the East Coast Main Line, Transport Secretary Stephen Byers gives it a promise of only a couple of years; a blatant disincentive to invest.

And when Arriva runs a shoddy trans-Pennine service, it is landed with a massive £2m fine, with the prospect of bigger fines further down the line if things don't improve.

When they were devised, the penalties were no doubt meant to ensure standards were improved or, at worst, were maintained at existing levels.

In practice, however, swingeing fines simply eat into profits and perpetuate the problem.

There is no magic cure, no quick fix, for our railways. Problems created by generations of under-investment can not be remedied overnight.

But Mr Byers has got to come to terms with the fact that the present regime is not working, and has no chance of working.

What is needed is a long-term commitment and a long-term programme of investment.

The commitment has got to come from Government. It must devise a structure which strikes the right and realistic balance between public support and private finance.

Investment by the private sector must be encouraged, not discouraged.

He can start the ball rolling by giving long-term franchises to train operating companies which have shown they have earned the commitment; and by showing the door to those who have demonstrated they are not up to the task demanded by the travelling public and the tax payer