NETWORK Rail has been told to cut 20 per cent from its day-to-day spending over the next five years while working to cut delays on Britain’s railways.
The Office of Rail Regulation yesterday signed off NR’s budget for the next five years, which totals almost £38bn.
As part of this the ORR has approved £12bn for enhancement works, but asked Network Rail to come up with a proper plan for all of these upgrades by March 2015.
The watchdog has also imposed tougher targets on punctuality, requiring NR to help ensure 90 per cent of commuter and regional trains are on time.
Network Rail had originally pledged to cut day-to-day costs by 18 per cent when it set out its business plan back in January.