10 September 2024
RIA has made a submission ahead of the 2024 Autumn Budget. This submission details how the new Government’s priorities, particularly to support growth across the country and establish a long-term Industrial Strategy, mean that the Autumn Budget presents an important moment for the future of the UK rail network.
RIA has four ‘asks’ of the Autumn Budget:
- Send positive signals now to give rail businesses confidence – a clear restatement of the Government’s commitment to the value of rail links; establishing a proper long-term investment strategy with associated recruitment and training; and institutional reforms that will give the market confidence that what is planned will really be delivered.
- Set a smooth investment trajectory across key assets that ends ‘boom and bust’ and improves supply chain capability and efficiency.
- Leverage private investment, by setting out a clear policy and playbook showing how and where the Government will facilitate its use in the rail network.
- Take a small number of ‘now or never decisions’ that are needed to protect critical rail capability for the future: complete the tunnels between Euston and Old Oak Common; ensure there are sufficient rolling stock orders to keep factories open, and maintain the minimum level of investment in electrification schemes (around 350 single track km per year) needed to decarbonise by 2050.