Decision pending on funding shortfall
A proposal to bring forward £500 million funding for renewals from Control Period 6 to CP5 is being considered.
According to the RIA, a shortfall of half a billion pounds could lead to the supply chain making redundancies and deferring investment until the beginning of CP6 in April 2019.
Rail Minister Paul Maynard told the RIA’s annual conference that these concerns had been heard ‘loud and clear’ and that a further announcement would follow.
He said: “The case to bring forward funding from CP6 to CP5 that has been made loud and clear by RIA, Network Rail and others has been heard. Watch this space!”
Rail Minister Paul Maynard.