The transport secretary said there would be more money for track maintenance work and a new funding process for major upgrades and enhancement.
A direct government grant of up to £34.7bn has been approved for spending between April 2019 and March 2024, the CP6 control period. Total spending will be around £47.9bn once Network Rail’s expected income is added.
Civil Engineering Contractors Association director of external affairs Marie-Claude Hemming said: “The announcement of new funding for the UK’s rail network is to be welcomed. Our members are poised to deliver on the government’s ambitious investment programme, which will increase reliability and punctuality for passengers, while delivering value for the UK taxpayer.
“At the same time, the government must work with industry to ensure that the new funding process for approving major upgrades and enhancements will enable industry to deliver the world-class schemes the UK needs, on time and on budget.”