Posted 29th July 2024 | 5 Comments
Restoring Your Railway fund cancelled
The Chancellor has told the House of Commons that the £500 million Restoring Your Railway fund has been cancelled.
Rachel Reeves said the Fund had not been costed, and that she was seeking savings in transport spending worth £1 billion.
The decision will save £76 million next year. Individual Restoring Your Railway projects will be reconsidered through a review by the transport secretary.
Reader Comments:
Views expressed in submitted comments are that of the author, and not necessarily shared by Railnews.
Chris Jones-Bridger, Buckley
As one of your previous correspondents has already suggested look a little behind the headlines, was this fund actually supported by a viable budget in the first instance? Let us recall when the previous PM unilaterally cancelled Phase 2 of HS2 in order to 'sweeten the pill' an array of schemes were presented many of which were little more than a fanciful wish list. As is also noted individual schemes will now be subject to review by the transport secretary.
The incoming government has already declared intent by prioritising it's rail legislation. Time will now tell if this does drive the overdue structural reform the industry has been waiting since Mr Williams report first saw the light of day. Also while post covid passenger numbers have continued to show a healthy recovery this has not as yet been matched by revenue. Let us remember that the difference is still being met out of the DfT budget and irrespective of governing party the treasury ultimately controls the purse strings.
H. Gillies-Smith, South Milford
Here we go again, vote for the party which is or has been supported by the rail unions and the industry gets kicked in the teeth.
JLC, Bromley
GROAN!!! This country can't build anything anymore!
king arthur, buckley
A bit like 1966 all over again. With a nationalised railway service cuts and line closures will come next.
Chris Phillips, Bath
If I read this correctly all is not lost. The Transport Secretary would still have the power to restore a much needed line, like Portishead to the national system