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ORR's Price sets out challenges and priorities

Office of Rail Regulation (ORR) Chief Executive Richard Price today outlined some of the key challenges emerging from Sir Roy McNulty's rail value for money review and how these are being reflected in priorities for the rail regulator.

Speaking at a rail industry event Richard Price identified the following key challenges:

  • The need for greater transparency on funding flows and costs across the sector.
  • Assuring delivery of current performance commitments and safety standards during a period of industry change.
  • Successful delivery of the periodic review (PR13) and ensuring that this provides effective incentives across the sector.
  • Ensuring that industry reform, including Network Rail's devolution and changes to rail franchises, delivers real and lasting benefits to rail users and taxpayers.

Richard Price said:

"It is clear that only by working better together will Great Britain's railways deliver the value for money and service that taxpayers and passengers rightly expect. ORR is uniquely positioned - independent and at the heart of the rail sector - to help the industry meet the challenges set out in the McNulty review.
"I want ORR to become 'best in class' – as a regulator and as an organisation. I want us to demonstrate that we live in the real world, engage collaboratively, be ambitious, and be demanding – of ourselves and others."

Richard Price also confirmed that the ORR Board has commissioned a review of ORR’s capabilities against its current roles and any potential expanded regulatory role.

You can view a copy of the speech at: http://www.rail-reg.gov.uk/upload/pdf/nce_rail_summit_speech_121011.pdf

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