The Office of Rail Regulation has told NR to reduce its costs by 21% in its draft conclusion on the funding settlement for the railway to cover the period 2009-2014
NR had said it needed £29.5bn over the next five year control period but the ORR draft award is for £26.5 billion.
Iain Coucher, Chief Executive, said: “On the face of it, the proposed funding settlement is insufficient. I am extremely concerned that the funding settlement outlined today will put our plans to meet rising demand at risk."
Network Rail has promised to launch a vigorous lobbying campaign in support of its claim.ORR will make its final determinations at the end of October.
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