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April 9, 2019

UK confirms funding to reopen Portishead-Bristol rail line

The Department for Transport (DfT) in the UK has agreed to provide more than £31m in funding to the MetroWest Phase 1 scheme, which involves reopening of the Portishead to Bristol rail line.

The Department for Transport (DfT) in the UK has agreed to provide more than £31m in funding to the MetroWest Phase One scheme, which involves the reopening of the Portishead to Bristol rail line.

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The funding announcement was made by the Secretary of State for Transport, Chris Grayling.

It comes just ahead of the submission of a Development Consent Order (DCO) to the DfT in July. All major infrastructure projects require a DCO to advance.

North Somerset Council and the West of England Combined Authority are leading the MetroWest Phase One on behalf of South Gloucestershire, Bristol City and Bath, as well as North East Somerset councils.

“We are committed to investing in the infrastructure of our area and this Government funding is the news we have been waiting for.”

Overall, the scheme involves reopening the Portishead branch line with two new stations at Portishead and Pill.

Additionally, it includes conducting major improvement works to passenger services along the Severn Beach and Bristol to Bath Lines.

North Somerset Council Transport and Infrastructure head Colin Medus said: “The Portishead Rail scheme is a nationally significant project that will open-up the rail network to thousands of people across the region and will help relieve congestion during the rush hour periods.

“We are committed to investing in the infrastructure of our area and this Government funding is the news we have been waiting for. MetroWest Phase One is firmly on track for delivering rail services fit for the future of our region.”

The Portishead branch line was closed in 1964. The current plan aims to open the line for passenger services by 2021.

Last year, a similar funding bid to reopen the Portishead-Bristol rail line was rejected by the government.

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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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