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26/11/2015
Network Rail To Fund £38bn Upgrades With Property Sell-Off
Network Rail's planned £38 billion upgrade scheme can move forward with extra investment generated from the sale of non-core railway assets, it has been announced.
The company's Chairman, Sir Peter Hendy, yesterday published his review into the five-year programme which runs until 2019.
£1.8bn is planned to be raised from the sale of Network Rail's property portfolio.
In addition, the Government has also been able to raise the limit on Network Rail's borrowing by a further £700 million.
The additional £2.5bn will allow the delivery of the vast majority of projects until 2019.
Announcing his reviews conclusions, Sir Peter Hendy said: "The extra investment secures a Railway Upgrade Plan that delivers better stations, faster, more frequent and longer trains and a safer and more reliable railway for millions of passengers and businesses.
"Working closely with the Department for Transport we have ensured that no infrastructure project has been cancelled and the bulk of the investment programme will be delivered by March 2019.
"Some projects will cost more and take longer than originally expected but we will see the job through to deliver better journeys for passengers.
"My review has clearly found that the original plan was unrealistic and undeliverable.
"This new Railway Upgrade Plan is a more robust and deliverable plan but it is not without its own risks and challenges which Network Rail will work tirelessly to address."
An eight-week consultation by the Department for Transport on the report's findings will begin in early December.
(LM/CD)
The company's Chairman, Sir Peter Hendy, yesterday published his review into the five-year programme which runs until 2019.
£1.8bn is planned to be raised from the sale of Network Rail's property portfolio.
In addition, the Government has also been able to raise the limit on Network Rail's borrowing by a further £700 million.
The additional £2.5bn will allow the delivery of the vast majority of projects until 2019.
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Announcing his reviews conclusions, Sir Peter Hendy said: "The extra investment secures a Railway Upgrade Plan that delivers better stations, faster, more frequent and longer trains and a safer and more reliable railway for millions of passengers and businesses.
"Working closely with the Department for Transport we have ensured that no infrastructure project has been cancelled and the bulk of the investment programme will be delivered by March 2019.
"Some projects will cost more and take longer than originally expected but we will see the job through to deliver better journeys for passengers.
"My review has clearly found that the original plan was unrealistic and undeliverable.
"This new Railway Upgrade Plan is a more robust and deliverable plan but it is not without its own risks and challenges which Network Rail will work tirelessly to address."
An eight-week consultation by the Department for Transport on the report's findings will begin in early December.
(LM/CD)
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