Responding to the Office of Rail Regulation’s draft determination for control period 5 (2014-19), a Network Rail spokesperson said: “We welcome today’s draft determination from the Office of Rail Regulation setting out their proposals for the funding and investment the railway will need for the five years to 2019.

“A decision of this significance, which will be important not only for the railway’s four million daily passengers and freight users, but also the economic prosperity of the country and the future sustainability of the network, needs careful and detailed thought. We will take the time necessary to analyse our regulator’s initial findings before giving our formal response in September.

“There is no question that our railway needs to sustain the high levels of investment seen in recent years if we are to continue expanding the railway to provide for the ever growing numbers of passengers and trains. Getting the balance right in making the choices between performance, growth and value for money is critical if we are to build on efficiency savings of around 40% achieved over the last two control periods.”