The Treasury has been accused of "untenable" accounting practices after it emerged that the £9 billion debt liability of Railtrack replacement Network Rail will not go on the government's books.

The liabilities will instead go on the balance sheet of the Strategic Rail Authority, which underwrites the debt. The Office for National Statistics ruled that the SRA will not be considered to be under public "control".

The move led to amazement from financial experts who pointed out that the SRA is a government agency and is funded by the government. The Conservatives called the move "untenable".