Railway industry responds to Transport for London funding deal

1 June 2021

The Railway Industry Association, the voice of the UK rail supply community, has responded to the announcement of a new conditions-based funding settlement for Transport for London (TfL), due to run until 11 December 2021.

Darren Caplan, Chief Executive of the Railway Industry Association (RIA), commented: “It is positive to see a further funding deal agreed between the Government and Transport for London (TfL), which will ensure key rail services can continue in the capital, and help boost the economic recovery from Coronavirus.

“However, given the long-term nature of rail projects and the importance of certainty around upcoming work for the supply chain, transport bodies such as TfL cannot continue to operate on a series of short-term funding packages. The Railway Industry Association and our members have long called for a multi-year financial settlement for TfL, similar to Network Rail’s five-year Control Periods, which would provide the certainty that rail businesses need to support London’s railway, and deliver critical upgrades, as increased passengers and freight return to the network. 

“So to help UK rail businesses recover from the pandemic and ensure rail services continue to improve for Londoners too, we hope to see a long-term solution agreed between the Government and TfL as soon as possible."

Notes to Editors

 

  1. The Government’s announcement of the deal can be found here
  2. About RIA: The Railway Industry Association (RIA) is the voice of the UK rail supply community. We help to grow a sustainable, high-performing, railway supply industry, and to export UK rail expertise and products. RIA has some 300 companies in membership in a sector that contributes £36 billion in economic growth and £11 billion in tax revenue each year, as well as employing 600,000 people—more than the workforce of Birmingham. It is also a vital industry for the UK’s economic recovery, supporting green investment and jobs in towns and communities across the UK. RIA’s membership is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number). RIA works to promote the importance of the rail system to UK plc, to help export UK expertise around the globe and to share best practice and innovation across the industry. www.riagb.org.uk

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