The Office of Rail and Road (ORR), the UK’s railway regulatory body, has given its approval to Network Rail’s five-year financial plan, totaling £43.1 billion ($52.5 billion), covering ‘Control Period 7’ (CP7) from April 2024 to March 2029, this is reported by the railway transport news portal Railway Supply.

Network Rail
Picture: Network Rail

This plan has undergone revisions since the ORR’s draft determination in June, emphasizing train performance and increased spending on core asset maintenance.

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The ORR’s final determination outlines various commitments expected from Network Rail, including improvements to structures for better freight operations, risk funding provisions of £1.5 billion in England and Wales and £225 million in Scotland, and a 20% reduction in carbon emissions.

Network Rail’s CEO, Andrew Haines, expressed that this approval provides clarity and certainty for the railway industry.

Haines stated, “Throughout CP7, we are committed to extensive investments across the network, focusing on safety, train performance, new technologies, climate change initiatives, and achieving £3.6 billion in efficiency savings.”

It’s worth noting that while Network Rail aligned its plan with ORR’s recommendations, it went against advice to cut 500 roles, including 296 employees in its Track Renewal Services arm, opting to invest £600 million into the team instead.

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