£48bn pounds investment
Control Period 6 (CP6) is an incredible opportunity for the next five years in rail with a significant investment of over £48bn pounds. £10bn greater than the previous control period and has been greeted with relief from rail interest groups, who have been concerned about uncertainty surrounding ongoing funding. This funding will be spread between major contracts from electrification, new station developments and line side enhancement projects.
£35bn of this will come directly from government, with Grayling expecting the remainder to “be funded by income Network Rail receives from its customers the, train operators, both passenger and freight and its commercial activities”.
This increased investment will also include a totally separate funding process for major infrastructure upgrades that is intended to ensure value for money. The DfT hopes this new process will provide greater levels diligence in investment decisions.
The Railway Industry Association (RIA) has welcomes the plans as a positive step, specifically pointing to separation of funding as a key decision.