The UK rail industry "lacks a clear vision" of how it will meet the UK's transport and economic development needs, UK Office of Rail Regulation (ORR) Chairman Chris Bolt has announced.
In a keynote address at the Institute of Economic Affairs' Future of Rail conference, Bolt called on the rail industry to think radically about how it can meet growth in demand and increased customer expectations.
Setting out his vision for the industry over the course of the next control period (2009-14) and beyond, Chris Bolt said "greater efficiency by the industry particularly by Network Rail will enable investment in more capacity, better reliability and continued improvement in safety".
"It is a big challenge to Network Rail, and the company will need to be prepared to change to deliver it, but we believe it is achievable," Bolt said.
But he also warned that this was just the start of what needs to change with clearer plans needed to ensure long-term development.
"The industry needs to look beyond that and become cheaper, closer to the needs of its customers, quicker to respond to changing needs and better at planning for the future.
"At present, the industry lacks a clear vision of how it will meet that challenge," said Bolt.
The ORR says it will review how it can better contribute to the "necessary transformation" of the rail industry and is set to publish its own strategy later this year.
By Ozge Ibrahim
