ORR sets out future of rail regulation
15 July 2013
The Office of Rail Regulation (ORR) today published its 'Long-Term Regulatory Statement', setting-out its proposed regulatory approach for the future and identifying priorities for the growth and sustainability of Britain's railways.
The shape of Britain's railway is set to transform with continued support and investment in the mainline network and new projects. The Long-Term Regulatory Statement explores some of the possible effects of this transformation on the future of rail funding and regulation.
ORR believes that future success of the rail industry will be underpinned by achieving long-term financial sustainability and a collaborative commercially-aligned rail industry.
Richard Price, ORR Chief Executive said:
ORR wants to ensure that future rail funding is sustainable and the industry is organised to anticipate the future needs of its customers. Today we are highlighting the challenges and opportunities Britain's railways face over the next decades and to debate the ways in which future growth can be secured.
The Long-Term Regulatory Statement highlights how:
- Network Rail is financed, the use, growth and sustainability of its government-backed debt;
- Network Rail and both passenger and freight train operators can work better together to reduce costs and improve the performance of the railway for its customers;
- stronger commercial relationships could be developed through the industry so that businesses are better placed to deliver for their customers with less intervention from the regulator and governments;
- public subsidy to the industry can best be delivered to maximise its benefits for customers and taxpayers – and how it can be more transparent.
Read the statement in full.
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