Latest news with #railinvestment
The Guardian
7 days ago
- Business
- The Guardian
Eurostar calls for ‘credible' Channel rail strategy as monopoly decision looms
Eurostar has urged the UK government to choose a 'credible long-term strategy' for international rail or risk 'falling behind' the rest of Europe, before a crucial decision by the regulator that could end its cross-Channel monopoly. The high-speed train operator warned that a 'premature' ruling from the Office of Rail and Road (ORR) to allow competitors to squeeze trains into existing facilities could jeopardise its planned investment and expansion. Instead it called for 'big-picture thinking' from the government to enable more capacity for overseas rail – which it said could produce more high-skilled jobs and growth. Eurostar is on the verge of finalising an order for 50 more high-speed trains to upgrade and expand its fleet, and has pledged new direct routes to Frankfurt and Geneva. A number of potential competitors are, however, hoping to break its 30-year exclusive hold on passenger train services through the Channel tunnel. Virgin Group, the British startup Gemini trains and a partnership between the Italian state rail operator, FS Italiane, and the Spanish company Evolyn are among those vying for space. While the owners of the rail infrastructure – the Eurotunnel parent, Getlink, and London St Pancras High Speed (formerly HS1) – are keen to drive more business, rivals have been unable to secure space to house and maintain high-speed trains in Great Britain. Capacity for more services has been focused on one functioning depot at Temple Mills, in east London, which Eurostar insists is full and can only accommodate its own growth plans with a €80m (£70m) investment. However, the ORR has said it believes there is space at the depot and invited applicants to submit proposals before a ruling. Eurostar's own response to the regulator, seen by the Guardian, sets out plans for expansion on the back of recent passenger growth, up 5% last year to 19.5 million, and agreements between the UK and Germany and Switzerland to facilitate direct routes. However, it also starkly sets out what it says would be the risk of a new operator sharing the depot, including a 'significant impact on the ability to operate' and disruption to customers. Eurostar suggested that the ORR should find 'that it would be premature to make any determination' and that it 'cannot assume the capacity … is actually deliverable'. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Instead it said the ORR and government should outline its support and strategy for new depots, to be used by any company, including repurposing existing alternatives or building brand-new facilities. Gareth Williams, the general secretary at Eurostar, said: 'We believe there is an incredible opportunity to grow international rail … With demand for sustainable travel at an all-time high and growth being a key challenge for the country, the UK cannot afford to fall behind.' He said Eurostar's plans were financed and already under way, adding: 'Temple Mills is an important foundation of that future. We want to be a leading centre for European high-speed maintenance, bringing skilled jobs and industrial investment. The regulator, UK government and private investors have a unique moment now to make bold decisions to unlock the huge potential of international rail and encourage more European links for tourism, trade and education.' The decision by the ORR on whether Eurostar has to give up depot space to a competitor is expected in October.
The Sun
11-06-2025
- Business
- The Sun
Huge boost for railways as Rachel Reeves' spending review reveals more funding for NEW train lines across UK
RACHEL Reeves has promised to provide a major boost for the UK's train network - with a fresh vow to pump in billions more pounds into new lines and upgrades on key routes. The Chancellor delivered the first Spending Review in nearly four years this afternoon - vowing to splurge a mega £300 billion into the likes of the NHS, defence and travel. 3 3 3 However, she has not provided a clear plan for how Labour will pay for it. In a clear tack to the Left, she used her Spending Review to defend higher taxes and borrowing to fund the cash shower. Referring to travel expansions, she said it was the Government's intention to "undo a generation of underfunding and neglect" under the Tories, 12 months on from Labour's General Election victory. Speaking in the Commons today after the weekly PMQs, Ms Reeves said the trains boost aims to "unlock the potential of all parts of Britain". "We are going further: investing in major rail projects to connect our towns and cities." The Spending Review includes: She referred back to the Autumn Budget in October last year when she announced funding for the Transpennine Route Upgrade. "The backbone of rail travel in the North... linking York, Leeds and Manchester... with a quarter of the route expected to be electrified by this summer," the Chancellor continued. "I know the commitment of the HFs, the Members for Huddersfield, York Outer, and Colne Valley to this issue …and today, I can announce a further £3.5bn of investment for that Route. "But my ambition and the ambition of people across the North is greater still …and so in the coming weeks I will set out this government's plans to take forward our ambitions on Northern Powerhouse Rail." Ms Reeves went on to say: "I have also heard the representations of my HFs, the Members for Milton Keynes North, Milton Keynes Central, and Buckingham and Bletchley. "And I can tell the House today to connect Oxford and Cambridge... and to back Milton Keynes' leading tech sector... I am providing a further £2.5bn for the continued delivery of East-West rail." She added: "On a matter I know is of great importance to HF Members for Lichfield, Birmingham Northfield, and Birmingham Erdington I can announce today that I am providing funding for the Midlands Rail Hub… the region's biggest and most ambitious rail improvement scheme for generations..." This will strengthen connections to Birmingham, across the West Midlands and into Wales. The Chancellor then told the Speaker: "For 14 years, the Conservatives failed the people of Wales. Those days are over. "Following representations from my RHF the Welsh Secretary, the First Minister of Wales and Welsh Labour MPs... I am pleased to announce £445m for railways in Wales over 10 years, including funding for Padeswood Sidings and Cardiff West Junction. "That, Mr Speaker, is the difference made by two Labour governments... working together to undo a generation of underfunding and neglect." It comes as Ms Reeves also promised to provide hundreds of millions to tackle illegal migration. pledged to end the use of expensive asylum hotels - that are costing taxpayers £4million a day - before the next election. But it risks infuriating voters who want to see action to stop using them now rather than in four years time. And critics have warned Ms Reeves mega spending blizzard will drive Britain even further into debt and raise the prospect of more tax hikes. Laying out her package in the Commons, Ms Reeves said: 'My choices are different. My choices are Labour choices." The Chancellor was heckled by Tory MPs as she claimed to have turned around the economy 'after 14 years of mismanagement and decline'. Earlier Kemi Badenoch tore chunks out of Labour's record of raising taxes on business that have led to job losses. Despite widespread fury from bosses, Ms Reeves defended her National Insurance raid as the reason she can splash the cash today. She is using increased taxes to splurge £190billion more than the Tories on day-to-day departmental spending. The Chancellor confirmed departmental budgets will rise by 2.3 per cent a year, slamming past Tory austerity as 'a destructive choice for our society and our economy.' She also doubled down on her decision last year to loosen her fiscal rules to hike borrowing by an extra £113billion to pay for shiny infrastructure projects. Tory Shadow Chancellor Mel Stride blasted Ms Reeves spending review as a 'spend now, tax later' fantasy. He said Labour had 'completely lost control' and warned a 'cruel summer' of tax hikes speculation was coming. Her short Chancellorship has been blighted by the winter fuel debacle, fury over tax hikes, angry farmers and rows over welfare spending. A YouGov survey yesterday found just 12 per cent of voters think she is doing a good job.
Yahoo
26-05-2025
- Business
- Yahoo
CN to Invest $290 Million in Saskatchewan to Build Capacity and Power Sustainable Growth
MONTREAL, May 26, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $290 million CAD in Saskatchewan, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province. This includes major projects to support customer initiatives and our agriculture industry partners to improve the movement of grain and fertilizers. These investments will help ensure the safe movement of goods and support long-term sustainable growth in Saskatchewan and across CN's network. "We believe that investing in our network is about building for the future. Our continued infrastructure investment in Saskatchewan will help strengthen the resiliency, and efficiency of our network across the province. Our focus remains on providing exceptional service to our customers and supply chain partners, supporting strong economic growth for North America and across the communities where we operate." - Tracy Robinson, President, and Chief Executive Officer of CN 'We thank CN for their commitment to improving the rail system in Saskatchewan. Rail transportation is an essential part of getting Saskatchewan's food, fuel and fertilizer to more than 160 countries around the globe,' said Highways Minister David Marit. 'Our customers are expecting a reliable and timely delivery system, and this investment will help our robust transportation network continue to meet the needs of Saskatchewan producers, while supporting our export-based economy.' - David Marit, Minister of SaskBuilds and Procurement, Government of Saskatchewan In 2024, CN invested approximately $160 million CAD in Saskatchewan for track maintenance and key infrastructure initiatives. Highlights of this investment include: More than $6.7 million in shared investment for grade crossing upgrades across our network in Saskatchewan Over $3 million in upgrade projects to improve operations and support employees at CN's Melville railyard Saskatchewan in Numbers: Employees: approximately 1,152 Railroad route miles operated: 1,845 Community investments: $670,000 in 2024 Local spending: $117 million in 2024 Cash taxes paid: $105 million in 2024 CN Forward-Looking Statements Certain statements by CN included in this news release constitute 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as 'believes,' 'expects,' 'anticipates,' 'assumes,' 'outlook,' 'plans,' 'targets,' or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. About CNCN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada's Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since Michnowski Stacy Alderson Senior Manager Assistant Vice-President Media Relations Investor Relations (438) 596-4329 (514) 399-0052 media@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
