The UK Department of Transport (DfT) is set to provide £500,000 in funding to the newly formed Rail Supply Group, in a bid to help suppliers to secure new business.
The group will work with the rail industry to develop a mentoring scheme, which will help small and medium-sized businesses to compete against more established firms.
Go deeper with GlobalData
UK Transport Secretary Patrick McLoughlin said that the government is investing record amounts in building a world-class railway system, with major infrastructure schemes such as Crossrail, Thameslink and HS2.
"Other countries are investing heavily in rail and metro systems, which represents a massive opportunity for UK suppliers to generate jobs and growth at home," McLoughlin said.
"Through the Rail Supply Group, we are determined to give them the support they need so they can respond to this global demand and secure long-term economic growth."
Supported by the Rail Alliance and the member companies of Rail Supply Group, the scheme will initially work with up to 500 firms in the first year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataImage: The UK rail sector is experiencing an investment boom on the back of a doubling of passenger journeys since the mid-1990s. Photo: courtesy of UK Department of Transport.
