Network Rail are due to carry out investigations into upgrading the route between London and Devon and Cornwall.
The study, funded and commissioned by GWR, will look at what can be down to improve the existing track, signalling and other railway infrastructure.
Rail Minister Claire Perry said: "I was determined to find a funding solution for this study to look at line speed improvements and I am delighted that Great Western Railway have provided the backing.
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"We are absolutely committed to improving the resilience of the south west’s rail network, with more than £70 million invested in this route so far and routine maintenance continuing to strengthen the line further."
Mark Langman, Network Rail's MD for the Western Route, added: "The funding of this study is really welcome news for all rail passengers in Devon and Cornwall. We know how important rail services are to the region and how passengers rely on the links both within the region and onwards to London and other major cities.
"We can now get this study underway and will work closely with Great Western Railway to enable a start as soon as possible."
(LM/MH)
