Around £48 billion is to be invested in Britain's rail network from 2019 to 2024.

Making the announcement today, 12 October, Transport Secretary Chris Grayling said the funding for control period 6 is about "boosting reliability and punctuality for millions of journeys".

The Government will directly grant up to £34.7bn for spending over the five-year period. Total spending will be around £47.9bn once Network Rail’s expected income is calculated and added.

Transport Secretary Chris Grayling said: "We have some of the most intensively used railways in Europe, and this investment focuses on the essential work needed to ensure their safety and reliability, including funding to support a significant increase in renewals activity compared to the current period, and increased maintenance spend to allow Network Rail to meet the challenges of a busier network.

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"I believe that a renewed focus on core railway activities will help return train performance to the levels that passengers expect and deserve. Overall, this significant funding demonstrates government’s continued commitment to investing in the railway for the benefit of passengers, communities, the supply chain and the wider economy."

Mr Grayling added there will also be a new funding process for major upgrades and enhancements which will provide more rigour in investment decisions to make sure public spending best meets the needs of passengers and freight.

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