Thursday 12 Oct 2017
Response to rail infrastructure funding: statement of funds available 2019 to 2024
Network Rail responds to the government's announcement of funding for control period 6.
Commenting on the Department for Transport's announcement this morning, Mark Carne, chief executive said:
"Continued high levels of investment in our railway is essential to create the jobs, housing and economic boost our country needs to prosper. Today's announcement shows the Government's endorsement of this approach.
"Over the next 12-18 months millions of passengers will experience significant improvements to their services as thousands of new trains, faster and more frequent services come on-stream.
"Network Rail is transforming into devolved businesses to better respond to its local customers and communities. This local focus, combined with opening up the funding, financing and delivery of investment projects to third parties, will help to drive efficiencies and value for the taxpayer.
"We will submit our detailed plans to the regulator in the next few months that will help to finalise the railways funding for the five years to 2024 and continue to drive our company's transformation to better equip it for the demands ahead."
About Network Rail
Network Rail owns, manages and develops Britain's railway - the 20,000 miles of track, 40,000 bridges and viaducts and the thousands of signals, level crossings and stations (the largest of which we also run). In partnership with train operators we help people take more than 1.65bn journeys by rail every year and move hundreds of millions of tonnes of freight, saving almost 8m lorry journeys. We employ 36,000 people across Britain and work round-the-clock, each and every day, to provide a safe, reliable railway.
About the Railway Upgrade Plan
The Railway Upgrade Plan is Network Rail's investment plan for Britain's railways. It makes up two-thirds of Network Rail's £40bn spending priorities for the five years to 2019 and represents the biggest sustained programme of rail modernisation since the Victoria era. It is designed to provide more capacity, relieve crowding and respond to the tremendous growth Britain's railways continue to experience; passenger numbers have doubled in the past 20 years and are set to double again over the next 25 years - so we need to continue to invest in building a bigger, better railway. For passengers, that means:
- longer, faster more frequent trains;
- better, more reliable infrastructure; and
- better facilities for passengers, especially at stations.