Regulator sets out Network Rail's finance and output frameworks for 2014-19
1 August 2012
The Office of Rail Regulation (ORR) has today launched consultations to help establish Network Rail’s financial and output frameworks between 2014-19, towards ensuring that the company delivers a safe, high-performing and ‘value for money’ railway.
Following the publication in July 2012 of Britain’s rail investment plans for 2014-19, the consultations represent an important step as the regulator works closely with the rail industry to establish how the plans can best be delivered.
- ‘Consultation on financial issues for Network Rail in CP5’ seeks views on proposals aimed at ensuring Network Rail finances are sustainable, covering issues like the level of Network Rail’s debt, and its exposure to changes in inflation.
- ‘Network Rail’s output framework for 2014-19’ sets out what Network Rail will need to deliver for the money it receives, including improved punctuality and safety, and the efficient management of the rail network’s assets. The company will be closely monitored and held to account by the regulator for this delivery.
ORR Chief Executive Richard Price said:
“Governments in England, Wales and Scotland have set out what they want Britain’s railways to achieve between 2014-19, and have shown they are ready to back this with massive levels of investment. Now ORR and the rail industry need to establish the best way of delivering those plans, providing passengers and taxpayers with a railway which delivers safety, high performance, extra capacity and value for money.
“Today we are seeking views on Network Rail’s financial and performance frameworks, which will lay the foundations towards delivering a world class rail service.”
To contribute to the consultations, visit: http://www.rail-reg.gov.uk/pr13/consultations/financial-issues.php and http://www.rail-reg.gov.uk/pr13/consultations/outputs.php
For more information about delivering the plan for Britain’s railways between 2014-19, visit: http://www.rail-reg.gov.uk/pr13/