Anyone investment planning in Cheshire may have passed through the town of Crewe at some point. The town, famous for its junction, railway heritage and engineering dating back to the first train arrival in 1837, is a traditional transit point for networks across the North West.
Now, a study commissioned by the Rail Delivery Group (RDG) and conducted by WPI Economics has shone a spotlight on the broader economic, social and environmental ‘net zero’ value of the railways.
It concluded that the railway industry is currently worth around £26 billion but has an unrealised value of up to £46 billion. This can be achieved by boosting rail use by 40% by 2035, accompanied by significant infrastructure investment.
The report also showed how important passengers are to local communities, contributing £98 billion annually with travel spending. The government has pledged to bring the railways into public ownership and create a ‘Great British Railways’ management agency, while at the same time decarbonising the economy.
According to the CEO of RDG, Jacqueline Starr, the UK’s rail network offers far more than simple transportation. She says it plays a ‘crucial role’ in boosting economic growth, by connecting communities and businesses, driving productivity and creating a greener society.
It is her view that the new railway management structure will unleash the improvements needed to attract more people to train travel. The railways were founded 200 years ago on the premise of healthy investment returns, and this could be the year that they come good.
