Government announces new £48bn investment for Britain’s railways

On Thursday (12th October), the government announced that a further £48bn will be invested in Britain’s railways.

Transport Secretary Chris Grayling was on hand to unveil this latest stage in the government’s record investment. He set out the next round of rail funding which will be spent on the network over a five year period, from 2019 to 2024.

The £48bn will go towards more maintenance and a huge uplift in renewals to increase reliability and punctuality for passengers.

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

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

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.”

The Statement of funds available for the rail industry continues the government’s record investment with a direct grant of up to £34.7bn for spending between 2019 and 2024.

Total spending will be around £47.9bn once Network Rail’s expected income is calculated and added to the total.