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We are the not-for-dividend owner and operator of Britain’s railway infrastructure. We aim to deliver a safe, reliable and efficient railway for passenger and freight trains.
Following reclassification as an arm’s-length central government body in 2014, we retain the commercial and operational freedom to manage Britain’s railway infrastructure within regulatory and control frameworks.
Our framework agreement with the Department for Transport sets out how we interact in terms of financial management and corporate governance.
Our board is accountable to:
In addition, the board is responsible for running Network Rail to the standards required of a company with shares listed on the London Stock Exchange, including compliance with governance codes and reporting requirements.
Network Rail’s income comes from three sources:
We receive our government funding in five-year blocks called control periods. We are currently in Control Period 5 (2014 to 2019).
We have previously raised bonds in the capital markets with a UK Government guarantee to fund capital expenditure and to re-finance existing debt. Following Network Rail’s reclassification, we no longer issue bonds but instead borrow direct from Government through a £30.175bn loan facility designed to cover our funding requirements in Control Period 5. Existing UKRAIL bonds are unaffected by this change.
We are regulated by the Office of Rail and Road for our stewardship of the rail infrastructure. Every five years, we publish a delivery plan setting out what we will deliver in the next five-year control period, and then publish an update on our progress each year.
Find out more about how we are regulated.
Network Rail was reclassified as a central government body in the UK national accounts and public sector finances from 1 September 2014.
The following documents set out the basis of the relationship between Network Rail and the DfT: