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July 19, 2021

UK announces funding package for light rail operators

Operators benefiting from the funding include Manchester Metrolink and West Midlands Metro.

The UK Government has announced financial aid of $77.02m (£56m) for light rail operators across England to support their recovery as they commence services after the lifting of Covid-19 restrictions.

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Operators that will benefit from the funding, which will run from 20 July to April 2022, are Manchester Metrolink, Tyne and Wear Metro, Sheffield Supertram, Nottingham Express Transit, West Midlands Metro, and Blackpool Tramway.

The government is currently making investments to improve transport links in the country, as well as helping the sector to provide better services amidst the pandemic.

Chief Secretary to the Treasury Steve Barclay said: “As our economy reopens, we’re continuing to support people and businesses and making sure people can get to work and use public transport easily is crucial.

“Today’s funding means that thousands of people across England can continue to travel on public transport when they need to, and regular services can continue as the country comes out of restrictions.”

This latest package will be the ‘final tranche of Covid-19 related financial support’ to be provided to the rail sector.

West Midlands Mayor Andy Street said: “Our West Midlands Metro service has operated throughout the pandemic and has seen patronage return very quickly each time restrictions have been lifted. This has shown just how important our trams are to commuters and our regional economy.”

Rail operators have received nearly $206.31m (£150m) to date from the government to continue their operations throughout the pandemic.

Last month, the UK Government announced a $6.89m (£5m) in funding to kickstart the development of the Rail Data Marketplace.

In a separate development, Jacobs has been selected as the East West Rail programme partner, involving the construction of a new rail link between Oxford and Cambridge.

The value of the three-year contract stands at around $50m (£35m).

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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