In essence, passengers pay for 60% of the cost of running and maintaining the network through their tickets – and Price said that they are “not getting what they are paying for”.
He warned of the possibility of further fines for an organisation that has been heavily penalised in the past for missing targets. “Punctuality is significantly below target. There are too many asset failures [such as signalling] across the network.”
He added that Carne, who only took over this year, agreed on the extent of the problem. Price said: “I do not think that Network Rail is performing close to its potential, but the new management does recognise this. We’re now watching Network Rail in much greater detail and getting much more data from them.”
The poor performance included missing deadlines or being behind schedule on a quarter of the projects designed to increase capacity, at a time when there are more passengers on the rail network than at any time since the 1920s.
These projects included electrification between Rutherglen and Coatbridge in Scotland and lengthening platforms between London Marylebone and Birmingham Moor Street on the Chiltern Mainline.
The report said: “This has raised serious questions as to how the company will deliver the ambitious programme expected in CP5 [the new five-year investment plan], particularly the electrification projects.”
The news is embarrassing for Network Rail as it has only just been reclassified as a public sector body, having previously enjoyed greater freedom from government as an independent organisation.
Price added that the “chickens have come home to roost” as a result of years of under-investment in Britain’s rail infrastructure.
Carne said: “The railway continues to see strong growth in passenger numbers. However, we know that there are too many passengers that do not get the level of reliability they have a right to expect.”
