Rail regulator: Network Rail improves efficiency but must manage the impact of fewer renewals due to high inflation

• The rail regulator’s annual assessment of Network Rail shows passenger and freight train cancellations reduced in Great Britain in the year to March 2026, while punctuality remained broadly stable.
• Network Rail exceeded its efficiency target, but inflationary pressures mean reduced plans for renewing the railway.
• Network Rail must better demonstrate how it will mitigate the effects of renewals cuts on future asset condition, safety and performance outcomes – both in this control period (which runs to March 2029) and beyond.