Network Rail agrees 2014-19 funding

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Network Rail and the Office of Rail Regulation (ORR) have agreed a five-year funding plan for Britain’s railways.

£38 billion will be spent on maintaining and improving rail infrastructure in the UK during Control Period 5 (CP5), with key projects including Birmingham New Street, the Northern Hub and a £2 billion main line electrification programme.

David Higgins, outgoing chief executive of Network Rail, said: “The railway is a complex, long-term, critical element of Britain’s infrastructure and needs sustained, high levels of investment if we are to meet the public’s rapidly increasing appetite for rail travel, and businesses’ desire to move freight off congested roads.

“We were clear in the development of our plans that we would need to do some things very differently in CP5 if we are to be successful in meeting the new challenges that we face and we remain committed to continuing with these changes.

“Together with the ORR, we are determined to continue our drive to improve safety. Fundamental to this will be on-going improvements to our safety culture and how we manage our assets. By achieving this we can also deliver on-going efficiency savings and improve the reliability of train services, but getting the balance right between running more trains and improving punctuality will be a major challenge.

“We are disappointed that we will start CP5 at a lower level of performance than was assumed at the time of the Final Determination. This is partly because of the weather but we also recognise our responsibility for the missed targets. We can still meet the targets for the end of the control period. Although we cannot do so as quickly as assumed or in all weather, we will work with operators to improve performance as fast as possible.”

ORR chief executive Richard Price said: “Network Rail has committed to the challenge of delivering exciting plans for Britain’s railways between 2014 and 2019.

“This new phase will see Network Rail enhance safety, increase capacity, and improve the performance and resilience of the rail network. Service standards will get better, as stations up and down the country are modernised and lines are electrified.

“Alongside this work, the company will also deliver more, pound-for-pound, than ever before, as it utilises new technology and better ways of working.”

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