Network Rail has agreed with the Office of Rail Regulation (ORR) to spend £38bn in maintaining, renewing and improving the network of Britain’s railway over the next five years.

The funding ‘Control Period 5’ will begin in April.

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As part of the plan, Network Rail will aim to reduce the railways running cost by 20%, while delivering nine out of 10 trains on time on regional, London and South East and Scottish routes, and improved reliability for long distance passenger services.

"We would need to do some things very differently in CP5 if we are to be successful in meeting the new challenges."

Network Rail will also take up new stations construction, facilities improvement, platforms widening apart from addition of new trains to the network.

In addition, transformational projects like the Thameslink programme, Birmingham New Street, the Northern Hub and main line electrification will be completed.

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Network Rail CEO David Higgins 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.

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"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."

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

"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."