The more efficient we are, the more we can invest for passengers. We’ve been entrusted with public money and it’s our duty to spend it wisely.
By 2024, we will save £3.5bn by pursuing better value and doing more for less.
We’re exploring a portfolio of new technologies to speed-up our work, on and off the track. We’re implementing new streamlined processes and structures that make us more effective at what we do. And we’re looking at innovative ways of working – better planning, better deals, better designs – that will allow us to deliver our plans for passengers at lower cost.
More passengers and trains are using the railway than ever before. Our spending grew to keep up with the extra building and repairs required of a busy, safe railway. Recognising the need for investment, the government entrusted us with a budget of £42bn for CP6 (control period 6, 2019 – 2024), after we’d demonstrated how we’d become more effective and save money.
We’ve explored our options and have committed to safely deliver a better value railway through the implementation of a company-wide efficiency portfolio. We’ve identified around 1,000 initiatives covering 23 key efficiency areas where we’re able to do more for less. Over CP6 we will squeeze every penny of value out of every pound invested, saving £3.5bn through new technology, innovation and working smarter – money which we can then reinvest for passengers.
Case study – rail milling
Replacing damaged rail is expensive and time consuming. On suitable stretches of track, we now have the option to use the rail miller instead.
Specialist equipment onboard a dedicated engineering train is used to grind away the top layer of damaged rails. On targeted areas, this refreshes and renews the damaged rails so they are like new. It means we avoid costly and time-consuming track replacements, and so disrupt passengers less.
Using this new machine will save Network Rail £80m by the end of CP6.
We have thousands of initiatives like this when added together, bring our efficiency savings to £3.5bn.