10 September 2024
The Railway Industry Association (RIA) has today set out its key policy ‘asks’ as part of its Autumn 2024 submission to HM Treasury ahead of the Budget on 30 October. On Budget submission deadline day – 10 September – RIA calls on Chancellor Rachel Reeves to bring forward a steady pipeline of capital projects and rail investment, to lower costs, create jobs, boost growth and ultimately secure the UK’s industrial and manufacturing capacity.
Commenting on the submission, RIA Chief Executive Darren Caplan said: “The Railway Industry Association and our members acknowledge that the Government is having to make difficult decisions ahead of the Budget on 30 October. However, as we say in our submission, we would urge Chancellor Rachel Reeves to see UK rail as an investment in the economy rather than just a cost, supporting jobs, GVA, Treasury revenues and as an enabler of growth in other sectors.
“Boosting the railway network is crucial to the economy, local growth, decarbonisation and providing social value to communities around the country. And so we strongly encourage Ms Reeves to remember that capital projects including rail can help her ambition to drive the Government’s headline priority of powering economic growth.”
He continued: “We also hope that Treasury officials will use this Budget to leverage private finance to turbo-charge public investment. This should include making urgent decisions on rolling stock manufacturing in the short to medium terms. On High Speed 2 there is a 'now or never' decision to progress tunnelling between Old Oak Common and Euston without which we will not secure sufficient north-south capacity for the future. UK rail is crucial to the Government’s sustainability and Industrial Strategy aspirations, and we would encourage Ministers to be positive about the future role the industry can play with the right policy framework and political ambition.”