Economic regulation

• Industry must retain a relentless focus on safety throughout rail reform. • Financial constraints on Network Rail require careful management in the coming years. • Network Rail is taking action where train performance needs to improve. Passenger train punctuality is largely stable, but cancellations have reached record highs, with train operator cancellations the dominant factor.

A little known but vital role that ORR carries out is overseeing Network Rail’s sale of land it owns.