Leading rail pension scheme warns of £15bn shortfall under new rules September 11, 2020 The Railways Pension Scheme (RPS) has warned that a proposed regulatory shake-up of funding rules would create a £15bn hole in its finances. The £30bn scheme serves 350,000 members across the UK’s rail sector, including rail managers and train drivers. It has set out its concerns to the Pensions Regulator following plans, which were unveiled [...]
Boris Johnson confirms rail industry working on flexible season tickets September 2, 2020 Boris Johnson today said that the government was working with the rail industry on flexible season tickets to encourage commuters to return to the office. Speaking at Prime Minister’s Questions today, Johnson said: “We are working at pace with rail companies to try to deliver new products in terms of ticketing to ensure not just [...]
Government extends emergency agreement for Great Western Railway September 1, 2020 First Group this morning said the Department for Transport (DfT) has extended its emergency deal to keep franchise Great Western Railway (GWR) running for another nine months. At the end of March, First Group signed a new contract with DfT to run the franchise for three years, with the option to extend the deal by [...]
Coronavirus gives chance to move to ‘different type of railway’, Grant Shapps says June 24, 2020 Transport secretary Grant Shapps has confirmed that the government will use its emergency control of the UK’s railways to change the way the current franchise system operates. Speaking to the transport select committee this morning, Shapps said: “We were already going to be moving to a different type of railway and different types of contracts [...]
Calls for rail reform rise as cost of bailout revealed June 23, 2020 Transport secretary Grant Shapps will appear before the transport select committee tomorrow amid growing calls for the government to use its temporary control of the railways to enact reform of the franchise system. In March, the onslaught of the coronavirus crisis prompted ministers to take the UK’s rail firms under emergency measures for six months, [...]
Railway bailout has cost £3.5bn so far, government reveals June 18, 2020 The UK government has thus far spent £3.5bn keeping its railways running during the coronavirus pandemic, it has been revealed. Responding to a parliamentary written question, rail minister Chris Heaton-Harris said: ‘Since the outbreak of Covid-19 the government has approved £3.5bn of additional expenditure to ensure that vital rail services continue to operate. “Of this [...]
Rail operators awarded new contracts for Great Western and Southeastern franchises March 30, 2020 First Group and Go Ahead Group have been awarded new contracts to run the Great Western and Southeastern rail franchises respectively with just a day to go before the existing deals run out. The new contracts will run concurrently with the emergency measures the government put in place last week to protect the rail industry [...]
Railway industry in talks with government over emergency coronavirus measures March 15, 2020 The government is in talks with the rail industry over a range of steps to protect franchises against falling passenger numbers due to the coronavirus outbreak. According to the BBC, at a meeting of industry figures last week it was revealed that numbers had fallen by up to 18 per cent on certain lines, although [...]
Mind the gap: How to level up transport networks across south London March 9, 2020 It is widely acknowledged that south London’s transport links are inferior to those north of the river. By taking a cursory glance at the Tube map, it becomes blindingly obvious that there is a clear disparity between the two parts of our city, with several multi-coloured lines stretching well into the north in stark contrast [...]
Half of London Waterloo station to be closed this weekend February 27, 2020 Half of London Waterloo station will be closed for the whole of this weekend as South Western Railway carries out major track maintenance and renewal work on the lines. Some lines between Waterloo and Clapham Junction will be closed, with a reduced service running in and out of the former. A spokesman for the franchise [...]