Perhaps it is a little unfair to lay the blame with Gordon Brown.
Looking at the historical context, British Rail was constrained by the External Finance Limit which prevented borrowing in the markets to fund infrastructure enhancement. BR were forbidden from making infrastructure investments without the Government's permission. This frustrated electrification and other enhancements that might have been welcome.
The use of borrowing against the regulatory Asset Base by NR provided a method - albeit one described as "unsustainable" for funding investment in the infrastructure. During this period a number of substantial improvements were completed.
Now NR's debt is back in the Public Sector Borrowing requirement there is already the dead hand of the treasury putting the brakes on improvement.
Obviously it wasn't Gordon Brown alone, but he created the structure that made the loss of financial control possible.
In order to get Railtrack out of 'railway administration' into which it had been forced by Stephen Byers, the company needed more money. An 'interim review' was carried out by the Rail Regulator, Tom Winsor, in 2002 which awarded the company, IIRC, some £4 billion extra for the remaining part of the Control Period. The Treasury had not budgeted for such large sums and so the decision was made to permit Railtrack/Network Rail to borrow these sums on the open market.
Note that in the immediate aftermath of Hatfield little of the money was spent on enhancements, it was spent on renewals, replacements and general operations. Only later, as the new management started to get a grip on day to day expenditure - bringing track maintenance back 'in-house' for example - was the shift to enhancement spending noticeable.
And this is where the construct of the 'Regulated Asset Base' became pernicious - it meant that enhancement spending did not need to be very carefully planned as all parties turned a blind eye to cost overruns because it was expedient to do so. It meant that the DfT got its HLOS wish list fulfilled and so could claim success, NR could claim that it was delivering all these improvements and the ORR could claim it was successfully monitoring NR's finances - but the debt mountain continued to rise and the proportion of the Network Grant received from the Government which went to service the debt continued to increase. Long term the situation was untenable.
It is not a question of 'the dead hand of the Treasury' so beloved of railway enthusiasts being a problem but of Network Rail not, in the past, properly planning and controlling its expenditure on enhancements. BR's experience is not relevant to the current situation.