6 March 2024
Commenting on the Spring Budget announcement, Darren Caplan, Railway Industry Association Chief Executive, said:
“There are some positives related to rail in the Spring Budget announced today by the Chancellor Jeremy Hunt. It is good to see endorsement of the timescale for East West Rail, and news of some additional East Coast Mainline services.
“However, the Railway Industry Association and our members will be disappointed that an opportunity has been missed to leverage rail to drive economic growth more widely. It is worth remembering that for every pound spent on rail, £2.50 is generated in the wider economy. Rail suppliers will be disappointed the Chancellor has failed to provide certainty or clarity on the outlook for network enhancements, and there a black hole on rail infrastructure remains following the scrapping of HS2 Phase 2. The Network North schemes will be welcomed by rail suppliers should they proceed but do not amount to the overall rail spending lost with many conditional on business case approval and the HS2 Euston proposals are far from certain.
“So, we look forward to seeing more detailed plans from the Government on rail infrastructure and rolling stock in due course, so that the railway industry can have the certainty it needs to get on with delivering a world-class service the UK and providing value for the money for both passengers and taxpayers.”