The Office of Rail Regulation (ORR) has begun consultations to look at how the rail industry will deliver government proposals to invest £4.2 billion in Britain’s rail network between 2014-19.
ORR says the process, which follows the announcement last month of the biggest programme of investment in the railways for 150 years, aims to ensure Network Rail provides high-quality improvements while delivering value for money for passengers.
July’s HLOS announcement outlined proposals including electrification of the Midland Main Line between Bedford and Sheffield, a new £500 million rail link between the Great Western Main Line and Heathrow and completion of the Northern Hub to add capacity between Manchester and Liverpool.
ORR chief executive Richard Price said: “Governments in England, Wales and Scotland have set out what they Britain’s railways to achieve between 2014-19, and have shown they are ready to back this with massive levels of investment.
“Now ORR and the rail industry need to establish the best way of delivering those plans, providing passengers and taxpayers with a railway which delivers safety, high performance, extra capacity and value for money.
The consultation is seeking views on financial issues including the level of Network Rail’s debt and its exposure to changes in inflation.
Price added: “Today we are seeking views on Network Rail’s financial and performance frameworks, which will lay the foundations towards delivering a world class rail service.”
