Network Rail agrees to slash costs and improve punctuality

Network Rail (NR) will look to improve train punctuality after agreeing to plans by rail regulators covering the next five years.

In committing to the Office of Rail Regulation (ORR) plans, NR will also aim to bring down the costs of running the railways by 20 per cent for the five-year period starting in April 2014.

NR will have to meet a target of running 90 per cent of trains on time on London, the South East, regional and Scottish services and improving reliability on long-distance trains.

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The company is also signing up to improved standards of infrastructure management, network resilience, and safety for passengers and railway workers.

Over the next five years NR will spend more than £38bn on maintaining, renewing and improving the rail network.

ORR chief executive Richard Price said: “NR has committed to the challenge of delivering exciting plans for Britain’s railways between 2014 and 2019.

“Service standards will get better, as stations up and down the country are modernised and lines are electrified. Alongside this work, the company will also deliver more, pound-for-pound, than ever before, as it utilises new technology and better ways of working.”

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Mr Price went on: “Meeting these challenges will be tough, particularly in the early years for punctuality in England and Wales because of recent performance levels.

“We will focus on ensuring the company, working with governments and the rest of the sector, delivers its plans to achieve long-term and sustainable improvements for customers and taxpayers.”

NR’s chief executive Sir David Higgins, who is leaving the company having become the new head of HS2 Ltd, said NR was disappointed that it was starting the 2014-19 period with train punctuality lower than the targets set for 2009-14.

He went on: “This is partly because of the weather but we also recognise our responsibility for the missed targets.

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“We can still meet the targets for the end of the control period (2014-19). Although we cannot do so as quickly as assumed or in all weather, we will work with operators to improve performance as fast as possible.”