We are working with funders to develop our approach to advising on and scrutinising future funding, business plans and settlements, including through the Funding Period Review 2029 (FPR29) process.
The Railways Bill introduces a new process for setting funding, outputs and priorities for Great British Railways (GBR) over a five-year period, known as the Funding Period Review (FPR). GBR will be funded through a combination of government funding and income generated from its activities.
As part of the FPR process, ORR will set the timetable for the review. The Secretary of State and Scottish Ministers will publish their Statement of Objectives (SoO) and Statement of Funds Available (SoFA), setting out priorities for the railway and the funding available to support them. GBR will then develop an Integrated Business Plan (IBP) describing how it will deliver those objectives within the available funding.
Our role is to provide independent advice to funders on whether GBR's draft business plan aligns with their objectives and represents good value for money. We will publish a summary of our advice before funders decide whether to approve the plan. Once approved, GBR must publish the final business plan.