Semaphore signal at Banbury Station

Photograph taken on: 10 November 2002. (Larger image)

Didcot to Chester Line (DCL), which runs north-south through a Cotswolds town of Banbury, is a main line railway with InterCity services; then, what does this semaphore signal that remains on the down platform of Banbury Station mean? Well, it simply shows the gross delay in rationalisation investment into British railways...