Rail Must Be Funded By….
Delivering his keynote speech at Infrarail, Sir Peter Hendy, chairman of Network Rail commented on future funding for railway upgrades.
Sir Peter agrees with the Shaw report around the necessity of getting third party private funding into the railway rather than being run as concessions.
In his speech Sir Peter ran through the many improvements needed in the rail network in terms of capacity and technology, such as through the digital railway.
Nicola Shaw’s report on concessions shows really that that’s quite a difficult route. Sir Peter believes in the near term that one of the easiest ways is to actually get the digital railway done by the people who install it, the people who supply, paid for by private finance and funded from the increasing capacity that can arise if you apply that technology successfully, which won’t be there if you don’t. I think that’s an obvious way.”
One way put forward by Sir Peter of achieving this is to get the third party beneficiaries of increased railway capacity to help pay for this because the Treasury will not be able to pay for all of it.
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