Britain’s Railways - Statement

Part of the debate – in the House of Lords at 6:20 pm on 24th May 2021.

Alert me about debates like this

Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton Parliamentary Under-Secretary (Department for Transport) 6:20 pm, 24th May 2021

The five-year business plan that will be developed by Great British Railways will be in the public domain and it will set out the capital and revenue funding over that period. I agree with my noble friend that passenger demand is challenging to predict as we move out of the pandemic. Evidently there will be risks for the Government as the holder of the revenue risk. The Government have supported the railways to the tune of £8.5 billion in the last financial year. However, on a positive note for the Treasury, we expect that the reform package will deliver savings of around £1.5 billion per year after about five years. That is 15% of pre-pandemic income.

House adjourned at 6.43 pm.