New Network Rail chairman Sir Peter Hendy yesterday published his review into the five-year funding programme to 2019 yesterday.
Network Rail plans to raise £1.8bn from selling some of its property portfolio. The Government has also increased the limit on Network Rail’s government borrowing by a further £700m.
The extra £2.5bn should allow the vast majority of programmes and projects will go ahead for delivery by 2019. The remaining projects will be delivered after 2019 so that Network Rail remains within its funding envelope. As a result, the full programme is now
expected to be delivered over a more realistic timescale.
He 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.