Network Rail spent £15 million a day investing in track and station infrastructure over the last six months — good news for commuters who are reading this rammed on an overcrowded platform or stuck on a train delayed by broken track.
The company that owns everything on Britain’s railways except the trains upped investment by 33% in the half year, spending £2.74 billion on new platforms, lifts, information systems, footbridges and track.
But the number of passenger trains arriving on time still fell in the six months, from 91.7% last year to 90.7%. Network Rail has missed its train performance targets for this year and will face a penalty from the industry regulator. Debt inched up too — borrowings stood at £27.2 billion last March and £28.04 billion last September, but are now at £30.6 billion.
But finance director Patrick Butcher was focused on “the biggest sustained investment programme since Victorian times”, adding: “With a million more trains and half a billion more passengers than 10 years ago, our railways are all but full.”
Recent works include completion of the £550 million King’s Cross renovation and a new concourse at Reading station, as well as renewing 2,000 miles of track and installing nearly 200 lifts at stations.
The business receives a taxpayer subsidy of £3.6 billion a year to look after railway tracks and signals.
