|
ACE today challenged the Government to make clear where the £1.1 billion for rail electrification will come from. Engineers fear that this otherwise welcome investment may be taken out of the £28.5 billion already allocated to the rest of the network.
ACE has regularly called for significant upgrades to the UK’s rail network, both to increase capacity and to help make transport more sustainable. Electrification, argues ACE’s Rail Sector Interest Group, potentially brings great benefits in terms of reliability, faster journey times, capacity, improved air quality and low-carbon sustainability.
Nelson Ogunshakin, ACE chief executive, said: “We welcome today’s announcement as a signal of intent to modernise the UK’s railways. However, the Government must make it clear how these important works are to be paid for.”
The announcement that the £1.1 billion needed will be funded through borrowing by Network Rail raises the question of the likely impact on Network Rail’s existing plans. Network Rail is already committed to major investments such as Crossrail, Thameslink, and the remodelling of Reading station.
Nelson Ogunshakin added: “Network Rail has already set out a detailed and costed plan of works for the next five years, which they believe is already underfunded. While we would obviously welcome further announcements of major investment, we would be wary of raiding other projects in order to pay for it.
“The Government claims that the upgrades will be self-funding, but significant savings will have to be achieved to repay the necessary borrowing,” Ogunshakin observed. “We know that affordable project financing is still difficult to obtain.”
Richard Seeley, rail industry professional and chair of ACE’s Rail Sector Interest Group, observed: “If fulfilled, these plans will be a boon to rail professionals and users alike. The industry will be watching with anticipation for how today’s announcement will be put into practice.”
-ENDS-
Further information from ACE senior communications executive Piers Nutbrown on 020 7202 0255, or email pnutbrown@acenet.co.uk
|