Network Rail has unveiled its Strategic Business Plan which will improve the railways in Control Period 6 (CP6) from 2019 to 2024.
Record expenditure of up to £47 billion is expected over the five-year period, which will deliver railway upgrades to benefit the millions of people who use it.
As well as this, the investment will drive economic growth, create jobs and unlock housing along railway routes which will be reliable, have greater cost efficiency, and even more capacity.
The plan is an important step in determining the funding requirements for the next five-year period to 2024.
It is something that Network Rail work alongside the Office of Rail and Road (ORR) with, in order to determine the level of funding needed to deliver the necessary improvements.
The ORR has spoken about the process of this periodic review, what is expected of Network Rail in terms of putting their contracts in place for improvements in CP6.
The regulator will now review the Strategic Business Plan and make a draft determination in June, with a final decision made in the autumn.
Network Rail’s expenditure plans on their operations for the five years to 2024 in the Strategic Business Plan, which will see a 25% increase in funding from the current control period in order to improve infrastructure reliability by way of maintenance, operations and renewals.
A further £10 billion railway enhancement fund has been made available by the government for any projects on the railways that are delivered by Network Rail or other contractors.
Mark Carne, Chief Executive who is stepping down in time for CP6, explains what the Strategic Business Plan outlines.
“Passenger journeys will be transformed in the next few years as thousands of new trains enter service. By 2021, there will be almost 350,000 more services per year than today – an average of an extra 1,000 services a day, better connecting communities and driving economic growth across the country.
“This plan builds on these improvements and sets out how we will make the railway more reliable and cost efficient, and how we accelerate the technological transformation of our railway into the digital age.
“It is an ambitious, but realistic plan that is not without challenge, but with great people working together in great teams, it can deliver the better railway that a better Britain needs.”