Reductions in railway funding

That this House notes the Government funding settlement for the next five-year Railway Control Period 7 from 2024 to 2029 will result in a £1.2bn cut in Network Rail's budget for vital safety-critical railway infrastructure work compared to the previous five year period; further notes these cuts will fall on the renewal of track, signalling and other assets at a time of increased degradation of railway assets and structures, and that extreme weather events linked to climate change could lead to an increased risk of structural and earthwork failures similar to those that caused the Carmont rail disaster in 2020; is concerned that Network Rail's reduction in spend on railway renewals and an increased reliance on railway maintenance will lead to an increase in safety risks and a reduction in performance, including speed restrictions and 'go slows' and the loss of rail worker's jobs and skills which are needed for now and in the future; highlights that these cuts to infrastructure funding are part of Network Rail's drive under Government instruction to make efficiency savings; believes these rail cuts are a false economy that will increase economic inefficiencies within the railway and wider economy; and calls on the Government to reverse the £1.2bn cut in renewals and instead protect rail safety, services and jobs delivering efficiencies through reducing fragmentation and moving to a unified, integrated and publicly owned railway.