As he later explained, Winsor refused to resign since he had done nothing wrong. In the face of industry and financial markets' pressure, the government withdrew their threatened legislation and instead announced the regulatory regime for the railways would be reviewed. The independence and jurisdiction of the rail regulator were unaltered during the remainder of Winsor's five-year term. Later after his term ended on 15 July 2004, the government announced a legislative intention to reduce the power of the rail regulator. It intended to advance additional money to Railtrack's successor, Network Rail, at future regulatory reviews.