Publication

Submission to the 2023 Spring Budget

1 February 2023

RIA has made a submission ahead of the 2023 Spring Budget.

RIA's key actions for Government

  1. Commit to investment pipeline certainty and transparency. Certainty and visibility of future investment plans generates best value for taxpayers and investors. It is crucial for making sure the industry gets the right skills and equipment in the right places to deliver efficiently. 
  2. Invest in major infrastructure projects. Major rail projects are transformational for the communities they connect, wider economy, and in transitioning the UK to clean transport. They also support high skilled jobs during construction. Recent government commitments to HS2, East West Rail and Northern Powerhouse Rail are welcome. Other major schemes should be a question of ‘when, not if’: the UK will need this capacity, and early and consistent commitment is the way to secure best value for money and catalytic benefits from the economy. 
  3. Accelerate decarbonisation and green growth. On the current trajectory of investment, the UK will not meet its legal obligations on Net Zero. Starting a steady programme of investment now will reduce more carbon sooner, and be much more cost-effective than investing later. 
  4. Get on with rail reform. The industry still does not have clarity on Great British Railways or wider strategic direction. Lack of clarity about the structure of the railway can deter investment, and prevent rail from attracting the best people to key positions. 
  5. Unlock innovation. Innovation is essential, not just for boosting efficiency and productivity, but for the railway to rise to challenges such as climate resilience. There is significant progress in research and development, however a step change in behaviour and approach is needed to ensure adoption of new technologies. 
  6. Grow UK rail exports. UK rail has a global reputation, so there is great potential to grow rail exports, boosting UK trade and also increasing resilience of the UK supply chain e.g. creating new SME jobs. The Global Market Study conducted by European trade association UNIFE last autumn forecasts rail markets to grow by 3% every year to 2027. 

The Submission