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Railhub Archive
2000-08-10 SRA-001
Shadow Strategic Rail Authority0
SSRA secures £600 million new investment for Chiltern and Midland Main Line franchises
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 Chiltern Railways
Midland Mainline
 
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   SSRA secures £600 million new investment for Chiltern and Midland Main Line franchises
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 type Press release
The Deputy Prime Minister, Rt Hon John Prescott, joined the Chairman of the Shadow Strategic Rail Authority (sSRA), Sir Alastair Morton, and Franchising Director and sSRA Chief Executive Mike Grant at Marylebone station today at an sSRA press conference to announce two major steps forward in the franchising programme.
These were:
Heads of terms for a replacement franchise for Chiltern Railways
Terms for a two year extension of the Midland Main Line franchise
Chiltern is the first of the new replacement franchises on which agreement has been reached. Midland Main Line is the first of the longer term franchises on which an extension has been negotiated.
Together, the agreements will secure over £600million of investment, half in rolling stock and half in infrastructure. The benefits include new trains, shorter journey times, improved reliability and investment in stations, including new Parkway stations close to motorways on each franchise.
Details of the two agreements are set out in the accompanying press
releases.
Introducing the press conference, Sir Alastair said: "Today we start to deliver on our commitment to P, F and I investment - investment in Passengers, in Freight and in Infrastructure - in partnership with
the private sector.
"Investment will allow M40 Trains to deliver a better service for passengers, and to be the first to sign up to new performance standards. The company has a good track record and has shown itself willing to develop further its
services for passengers. The bidding contest yielded significant additional benefits."
The Deputy Prime Minister said: "The agreement between the sSRA and Chiltern is the first example of my
policy set out in the White Paper being delivered - a better deal for passengers in return for a longer franchise on tougher terms.
"Midland Main Line is already a longer franchise, and was not up for renegotiation. I am therefore delighted that the sSRA has been able to negotiate significant benefits for passengers on the back of a short term
extension to this agreement.
"The two agreements are good for passengers and good for the taxpayer and I expect to see many others coming forward from the sSRA over the next few months. This is the reason the SRA is being created; I am delighted to see it starting to deliver even while operating in 'shadow' form."
Railhub Archive ::: 2000-08-10 SRA-001
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