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 Posts:  UK Rail Industry Comments on Recent Fare Changes

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 Posts:  DfT Invests £3.6 Million to Support Innovation in Rail

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.

FOR ALL THE LATEST INFORMATION, NEWS, IMAGES, VIDEOS AND ARTICLES ON ALL ASPECTS OF RAILWAY SERVICES, PLEASE CLICK HERE

News categories

16 Feb 2018
DfT Invests £3.6 Million to Support Innovation in ...
14 Feb 2018
RIA: ‘It’s Time to Come Together to Solve Rail ...
14 Feb 2018
Network Rail Unveils Ambitious £47bn Plan to Impr ...
29 Jan 2018
UK Transport Industry Warned to Boost Cyber Securi ...
03 Jan 2018
UK Rail Industry Comments on Recent Fare Changes ...
15 Dec 2017
Transport for the North to Unveil 30-year Strategi ...
01 Nov 2017
Leaf Busting Trains to Keep Passengers Moving Thro ...
30 Oct 2017
‘Landmark’ Coming Together Sees Rail Companies ...
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.