As Britain’s rail industry reaches a pivotal moment, the question isn’t just how we address the current financial challenges, but how we prioritise funding and spending to drive improved customer experience and revenue growth, deliver economic growth, and achieve a more financially sustainable rail industry.
With the first of the remaining DfT-contracted Train Operating Companies (TOCs) transitioning to public ownership this May, and the Comprehensive Spending Review concluding in early June, critical decisions lie ahead that will shape the future of the industry, the network and its services.
In this live conversation, we explored the financial pressures facing Britain’s railways and the potential impact of structural and funding reforms.
We covered:
- Key financial pressures: From post-COVID revenue recovery, costs of operating and maintaining the network and services, delivering key enhancements and fares reform.
- Spending priorities for the future: What are the strategic goals for the rail industry—and how could the outcome of the Spending Review and the role of devolved authorities influence where investment is directed?
- Getting the balance right: where does Government invest taxpayers’ capital and support, and where could or should it explore more radical alternatives to the structure, size and operation of the network?
- The wider impact: How financial decisions will shape customer experience, the wider mobility system, and the growth and contribution of the rail sector.
This session is ideal for transport policy leaders, rail professionals, economists, and stakeholders in public infrastructure and finance. Whether you're involved in operations, government, or strategy, you’ll gain timely insights into the financial future of Britain’s rail network.
Meet the speakers

Paul Plummer, Professor in Rail Strategy, Director of University of Birmingham Centre for Rail Research & Education (BCRRE) and Academic Lead, UK Rail Research & Innovation Network (UKRRIN)
Paul’s key areas of research focus include the transport system from a customer experience and mobility perspective, including the implications for public policy. He is also a member of GB Rail Technology Leadership Group (TLG) and Rail Supply Group (RSG), Vice Chair of UIC Alliance of Universities in High Speed Rail (AUHSR) and International Rail Research Board (IRRB). Formerly CEO at Rail Delivery Group (RDG), Group Strategy Director at Network Rail, President of European Infrastructure Managers (EIM) and Chief Economist at the Rail Regulator (ORR), he is also working as non-executive director and as a mentor.

Tessa Wordsworth, Associate Director, Steer
Tessa has 30 years’ experience in the rail industry, both in consultancy and working for a train operator and secondments to the Strategic Rail Authority, the Department for Transport and GBRTT. She has provided advice on rail passenger franchise transactions, scheme appraisals, cost benchmarking, ex-post evaluations of investments and assessments of how to improve the financial position of the rail industry.