RIA responds to the Spring Budget 2024

6 March 2024 


Commenting on the Spring Budget announcement, Darren Caplan, Railway Industry Association Chief Executive, said:

 “There are some positives related to rail in the Spring Budget announced today by the Chancellor Jeremy Hunt. It is good to see endorsement of the timescale for East West Rail, and news of some additional East Coast Mainline services.

“However, the Railway Industry Association and our members will be disappointed that an opportunity has been missed to leverage rail to drive economic growth more widely. It is worth remembering that for every pound spent on rail, £2.50 is generated in the wider economy. Rail suppliers will be disappointed the Chancellor has failed to provide certainty or clarity on the outlook for network enhancements, and there a black hole on rail infrastructure remains following the scrapping of HS2 Phase 2. The Network North schemes will be welcomed by rail suppliers should they proceed but do not amount to the overall rail spending lost with many conditional on business case approval and the HS2 Euston proposals are far from certain.

“So, we look forward to seeing more detailed plans from the Government on rail infrastructure and rolling stock in due course, so that the railway industry can have the certainty it needs to get on with delivering a world-class service the UK and providing value for the money for both passengers and taxpayers.”

Notes to Editors
  1. About RIA: The Railway Industry Association (RIA) is the voice of the UK rail supply community. We help to grow a sustainable, high-performing, railway supply industry, and to export UK rail expertise and products. RIA has over 360 companies in membership in a sector that contributes £43 billion in economic growth and £14 billion in tax revenue each year, as well as employing 710,000 people. It is also a vital industry for the UK’s economic recovery, supporting green investment and jobs in towns and communities across the UK; for every £1 spent in rail, £2.50 is generated in the wider economy. RIA’s membership is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number). www.riagb.org.uk