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 deliver £4bn of efficiencies by pursuing better value and doing more for less. And we have challenged ourselves to reduce our costs by 15% when building major projects.
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 drive. 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 £4bn through new technology, innovation and working smarter, and drive down the cost of our major projects by 15% – money which we can then reinvest for passengers.
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 agile, and 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.
New technology, innovation and working smarter
Below are some examples of what we are doing to improve efficiency.