Investment plan worth £38bn for Network Rail

NETWORK RAIL (NR) has launched a five-year, £38 billion investment plan which includes meeting a tough punctuality target after it failed to reach the target set for 2009 to 2014.

NR was expected to run 92.5% of trains on time in the five years to the end of March this year, but the company only reached a figure of around 90%.

This means it could face a fine from the Office of Rail Regulation of up to

£70 million, although the five-year period has included heavy snow, severe storms and floods.

NR’s target for 2014 to 2019 is also 92.5%.

An NR spokesman said: “Missing our regulatory targets for punctuality is disappointing and our focus for the coming five-year period is to restore record levels of performance.”