The Railway Industry Association (RIA) has published its priorities for the Budget on 28 October 2026, calling on the Government to take action in order to treat rail as an engine of jobs and economic growth, to plan now for clearly rising passenger and freight demand, to do more to provide a stable long-term investment pipeline, and to accelerate unlocking new sources of public and private investment into the railways. These measures will strengthen network resilience, and give the supply chain the certainty it crucially needs to invest.
If these measures are enacted, then rail can help support both the Government’s desire to have a strong UK rail network and its growth ambitions in an era of constrained public finances. To do this, RIA has five main ‘asks’ of Government in its submission ahead of the October Budget:
- Ensure Budget decisions explicitly incorporate rail investment into the Government’s plans on growth, job-creation and housing, in all parts of the country.
- Set out an investment plan for UK rail which enables it to deliver more capacity, accommodating both the record levels of passenger numbers now using the network – predicted to grow even further by between 37% and 97% by 2050 – and also the Government’s recently re-stated 75% freight growth target by 2050.
- Address funding uncertainty in rail and the nature of disconnected rail projects by ensuring Great British Railways, as part of rail restructuring, establishes a procurement process to reduce boom-and-bust in railway investment, increase work pipeline visibility, and bring together currently ad hoc track and train projects under one comprehensive plan.
- Recognise that to deliver a resilient railway and ensure the required level of investment in maintenance and renewals so the railway can meet changing climate conditions, funding provided in the forthcoming Funding Period 1 (April 2029 to March 2034) needs to be appropriately sufficient to ensure asset conditions meet the standard required for a well-performing and safe network.
- With Government funding constrained, set out a clear policy for attracting other forms of innovative investment into rail, including from mayoral authorities, commercial sources and investors.
Commenting on RIA’s Budget submission, RIA Chief Executive Darren Caplan said: “Rail is an engine of economic growth, supporting jobs, housing and connectivity across the UK. With passenger numbers already at record levels and forecast to rise significantly further, alongside the DfT’s target to grow rail freight by 75% by 2050, the October Budget needs to recognise that demand for rail is growing and to set out how we invest now to provide the resilience and capacity the Government needs for a safe and durable railway in future.
“Crucially, Government must also give the rail supply sector greater long term certainty, ending boom-and-bust investment and providing smooth, visible work pipelines for infrastructure and rolling stock work, and looking forward, ensuring there is no reduction in real terms in funding for operations, maintenance and renewals in the next Funding Period, backed up with strong investment in enhancements and rolling stock too. This certainty will give businesses the confidence to invest in people, skills and innovation, and deliver better value for taxpayers.
“With public finances constrained, the Treasury also needs to unlock new innovative sources of funding the railway, including through Mayoral authorities around the country, commercial development and private investment. A clear, joined-up investment strategy which brings together Government, Great British Railways, devolved and regional authorities, and the supply sector, will deliver for passengers and freight customers a safe and resilient railway, while supporting the jobs and economic growth the Government wants and the country needs.”
Image credit: RIA
