Rail News

DfT: New £48 Billion Funding for Britain’s Railways

Transport Secretary Chris Grayling today (12 October 2017) unveiled the latest stage in the government’s record investment in Britain’s railways.

He set out the next round of rail funding, announcing that around £48 billion will be spent on the network over a 5 year period, from 2019 to 2024, including more maintenance and a huge uplift in renewals to increase reliability and punctuality for passengers.

funding for Britain’s railways
© Department for Transport

Funding for Britain’s Railways

The funding comes on top of record rail funding over the past 5 years as the government delivered the biggest rail modernisation programme for over a century.

And the Transport Secretary confirmed there will also be a new funding process for major upgrades and enhancements which will provide more rigour in investment decisions to make sure public spending best meets the needs of passengers and freight.

Related Post:  Canada: Early Prohibition of Unjacketed Tank-Cars for Transportation of Dangerous Goods

Transport Secretary Chris Grayling said:

This government is continuing its record funding in Britain’s rail network.

As a commuter, I know how frustrating it is to be delayed by problems on the line. 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.

Record Investment

The Statement of funds available for the rail industry continues the government’s record investment with a direct grant of up to £34.7 billion for spending between 2019 and 2024. Total spending will be around £47.9 billion once Network Rail’s expected income is calculated and added to the pot.

Related Post:  Australia and UK: Rail Associations Sign MoU to Improve Links and Increase Co-Operation

Today’s announcement includes funding for the early stages of developing new rail schemes. But, in a departure from the previous approach, the government will allocate funds separately for major upgrades following a new process to ensure they are deliverable and secure the best value for money for the tax payer. This new process will be set out in more detail later this year.

Original article © Department for Transport.


News categories

10 Dec 2018
Ready for Something New? Schlatter Set to Launch New Service Portal
15 May 2018
Department for Transport and Network Rail Announce Digital Railway Strategy
30 Apr 2018
Union Pacific: $2.1 million Investment in Montana
20 Mar 2018
Government Invites Third Parties to Invest in the UK Rail Network
13 Mar 2018
Grand Central Applies to Run More Trains to and from London
26 Feb 2018
Network Rail: Keeping Trains Moving in Snow and Ice
16 Feb 2018
DfT Invests £3.6 Million to Support Innovation in Rail
14 Feb 2018
RIA: ‘It’s Time to Come Together to Solve Rail Funding Boom and Bust’
Subscribe to Railway-News
Get the latest contract alerts and Railway News emailed directly to your inbox.

We respect your privacy and take protecting it seriously.

Please tick to confirm you would like to receive emails we think may be of interest to you. We sometimes tailor the content you see to what we think you'll find interesting, and so monitor your interaction with our website and email content (find out more).