The Railway Industry Association (RIA) has called on Chancellor Rachel Reeves to increase investment in the UK's railway network to drive economic growth. In a letter ahead of the upcoming Budget, RIA Chief Executive Darren Caplan emphasised the importance of rail in fostering economic development and urged the Chancellor to be ambitious in her approach, including supporting private sector investment.
He said: “The Railway Industry Association (RIA) and our members are asking Chancellor Rachel Reeves and the Treasury to bring forward a steady pipeline of capital railway infrastructure projects and rail investment. This appeal comes at a time when passenger and freight numbers, as well as revenues, are returning to the railway and the future outlook of rail growth looks bright – in short, the need to grow the UK’s long-term track and train capacity has never been higher.”
“Boosting the capacity and connectivity of the UK’s rail network will be a significant catalyst and multiplier for the national economy, driving growth and decarbonisation in all parts of the country whilst also providing social value to its communities.”
“In the short-term, rail suppliers seek clarity from the Government on both rail enhancements and on leveraging private investment into public infrastructure projects. In particular, we hope Ministers will accelerate a ‘now or never’ HS2 decision on progressing tunnelling between Old Oak Common and Euston – without which there will not be a sufficient basis for future north-south capacity – and procurement of new rolling stock. Rail can be a significant enabler of UK economic growth and we call on the Chancellor to grasp this opportunity.”
Image credits: iStock & RIA
