RIA urges UK government to prioritise rail investment in upcoming budget

Credit: Railway Industry Association

The Railway Industry Association (RIA) has announced that it has submitted its key policy recommendations to HM Treasury as part of its Autumn 2024 submission ahead of the 30 October Budget. On submission deadline day, 10 September, RIA has called on Chancellor Rachel Reeves to prioritise a steady pipeline of capital projects and rail investment, aiming to reduce costs, generate jobs, foster growth and secure the UK’s industrial and manufacturing base.

RIA Chief Executive Darren Caplan emphasised the importance of rail infrastructure as an economic driver rather than simply a financial burden. He 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.”