Network Rail delayed around £1bn in renewal and enhancement work last year

State-owned Network Rail is under further pressure after it was announced that approximately £1bn in work that was supposed to be carried out by the company was delayed in the last year.

According to the transport regulator, the works will now be completed at a later date.

Its 5 year plan to overhaul Britain's railways has met with severe criticism

The business manages tracks, stations and power lines throughout the United Kingdom and the Office of Rail and Road said that £981m of projects were to be deferred in England and Wales, as well as a further £50mn in Scotland.

Its five-year plan to overhaul Britain's railways has met with severe criticism since its incorporation, leading to new chairman Sir Peter Hendy announcing in November 2015 that £1.8bn of the body's assets would be sold.

The company's annual report, which was released on Monday, showed its net debt had increased to £41.6bn, from £37.8bn a year earlier.