Media centre

Wednesday 25 Nov 2015

Largest investment in railways since Victorian times will continue

Region & Route:

National

Sir Peter Hendy today published his review into Network Rail’s five-year funding programme to 2019. Sir Peter has concluded that the majority of the programme can go ahead as planned with extra investment generated primarily from the sale of non-core railway assets. 

Announcing the conclusions of his review, Sir Peter Hendy CBE, chairman of Network Rail, said: “Passengers and businesses are already benefitting from the largest investment by Government in our railways since Victorian times and that will continue.

“The extra investment secures a Railway Upgrade Plan that delivers better stations, faster, more frequent and longer trains and a safer and more reliable railway for millions of passengers and businesses.  

“Working closely with the Department for Transport we have ensured that no infrastructure project has been cancelled and the bulk of the investment programme will be delivered by March 2019.

"Some projects will cost more and take longer than originally expected but we will see the job through to deliver better journeys for passengers.  My review has clearly found that the original plan was unrealistic and undeliverable.

"This new Railway Upgrade Plan is a more robust and deliverable plan but it is not without its own risks and challenges which Network Rail will work tirelessly to address."

Sir Peter’s 44-page report gives an overview of the different parts of the country and what will be delivered. An eight-week consultation by the DfT on the report’s findings will start in early December.

ENDS

Notes to editors:

• In June, Sir Peter Hendy CBE was appointed as the new chairman of Network Rail by the Secretary of State for Transport. He was tasked with reviewing Network Rail’s CP5 (Control Period 5, 2014-19) enhancement portfolio which had seen some significant cost and timescale pressures.

• Sir Peter has now concluded a thorough review of the enhancement programme, and details what can be delivered in a timely and affordable way. The report can be found at www.networkrail.co.uk/hendy-review/ .

• The extra investment has / will come from Network Rail realising £1.8bn from the sale of some of its extensive property portfolio. The Government has also been able to increase the limit on Network Rail’s Government borrowing by a further £700 million . The planned sale of assets will also allow Network Rail to focus on its core task of running the railways

• The Hendy review looked at Network Rail’s Railway Upgrade Plan for England and Wales.