The government has today committed a further £48 billion of funding to improve Britain’s railways.
Transport Secretary, Chris Grayling, made the announcement today, during which he set out the latest round of funding, which will see that money be used between 2019 and 2024.
The investment in Britain’s railways will result in major upgrades on our tracks, faster and more reliable services, greater comfort and efficiency.
It continues the record levels of funding that has been committed in the past five years in order to modernise Britain’s railways.
Mr Grayling has published his Statement of Funds Available (SoFA) for railways in England and Wales for the years of 2019 to 2024, which is control period 6.
He confirmed that approximately £47,9 billion is expected to be spent on the railways in these five years, £34.7 billion of this will come from government grants.
The remainder, he said will come “from a combination of track access charges and income from other sources, such as Network Rail’s property portfolio.”
The finance available includes money to help with the early stages of planning and developing new rail projects.
However, funds will be allocated separately for major upgrades, as part of a process that seeks to ensure upgrades provide the best value for tax payers.
Mr Grayling commented on today’s announcement, saying: “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.”
This is also good news for the economy because, like the case of HS2, it will mean more contracts, which will stimulate the supply chain and business opportunities.