Railway investment
to boost reliability and punctuality, for major upgrades and for new, faster,
more comfortable trains.
Transport Secretary
Chris Grayling has unveiled the latest stage in the government’s record
investment in Britain’s railways.
He set out the next
round of rail funding, announcing
that around £48 billion will be spent on the network over a 5 year period,
from 2019 to 2024, including more maintenance and a huge uplift in renewals to
increase reliability and punctuality for passengers.
The funding comes on
top of record rail funding over the past 5 years as the government delivered
the biggest rail modernisation programme for over a century.
And the Transport
Secretary confirmed there will also be a new funding process for major upgrades
and enhancements which will provide more rigour in investment decisions to make
sure public spending best meets the needs of passengers and freight.
Transport Secretary
Chris Grayling said: "This government is continuing its record funding in
Britain’s rail network.
"As a commuter,
I know how frustrating it is to be delayed by problems on the line. Passengers
want a railway they can rely on and that’s where this huge investment will make
a real difference to their everyday lives - by renewing more tracks earlier and
increasing maintenance to deliver far better services.
"This
investment is about boosting reliability and punctuality for millions of
journeys, and we will do this alongside building major upgrades around the
country and delivering new, faster, more comfortable trains."
The Statement
of funds available for the rail industry continues the government’s record
investment with a direct grant of up to £34.7 billion for spending between 2019
and 2024. Total spending will be around £47.9 billion once Network Rail’s
expected income is calculated and added to the pot.
The announcement
includes funding for the early stages of developing new rail schemes. But, in a
departure from the previous approach, the government will allocate funds
separately for major upgrades following a new process to ensure they are
deliverable and secure the best value for money for the tax payer. This new
process will be set out in more detail later this year.
