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Rail industry finance (UK)

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Annual statistics reporting income and expenditure for Network Rail, passenger operators (both franchised and open access) and other sectors of the UK rail industry including Northern Ireland. It also includes data for government support to the rail industry. Before 2019-20, detailed analysis was published in the UK rail industry financials.

For details on how these statistics are compiled, please see our Rail finance quality and methodology report and for information on any revisions, please see our Revisions log.

Data and reports that include previous statistical releases on Rail investment and subsidies can be found on the National Archives. Previous UK rail industry financial reports can be found on the ORR website.

Our statistical practice is regulated by the Office for Statistics Regulation (OSR).

If you have any questions or feedback on these statistics, please contact rail.stats@orr.gov.uk


Latest statistical release

Rail industry finance (UK), April 2022 to March 2023
Rail industry finance (UK), April 2022 to March 2023

Date published: 28 Nov 2023
Date next published: TBC

Key results

  • In the latest year (April 2022 to March 2023), passenger revenue continued to recover from the impact of the pandemic, allowing government financial support to the industry to fall. The introduction of services to the central section of the Elizabeth line contributed to the increase in passenger revenue. However, industrial action across Great Britain resulted in fewer train services than anticipated.
  • Total income for the operational rail industry was £22.7 billion. Adjusted for inflation this is a decrease of 3.2% from the previous year. This consisted of £11.9 billion from government funding, £9.2 billion from passenger operators (£8.6 billion of fares and £0.6 billion of other operator income), and £1.5 billion from other sources.
  • Total expenditure for the operational rail industry was £25.4 billion. Adjusted for inflation this is a 1.0% increase from the previous year, largely due to increased finance costs. This consisted of £12.4 billion of Network Rail expenditure, £11.7 billion of franchised train operator expenditure, and £1.3 billion of expenditure by other parts of the rail industry.