UK to invest £48bn in railway sector
The UK Government's Department for Transport (DfT) is set to invest nearly £48bn into the country's railway network for a period of five years from 2019 to 2014.
The investment will be used to maintain and overhaul rail services to increase reliability and punctuality.
UK transport secretary Chris Grayling said: “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.”
Grayling also added that there will be a new funding process for major upgrades and enhancements within the network, ensuring that public investments are optimally utilised to fulfil passenger and freight movement requirements.
Details of the new allocation process will be provided later this year.
The Statement of funds available for the rail industry currently includes an investment of £34.7bn between 2019 and 2024, though this figure is expected to reach nearly £47.9bn after Network Rail’s expected income is added to the funding.
The announcement also outlined the provision of funding for the initial development of new rail schemes, while financing for the new projects will be allocated under the new process.