Spring Budget 2023: submission from the Railway Industry Association

1. INTRODUCTION

1.1. This paper constitutes a submission from the Railway Industry Association to HM Treasury, as part of the upcoming 2023 Spring Budget.

2. BACKGROUND TO RIA

2.1. RIA is the trade association for UK-based suppliers to the UK and world-wide railways. It has over 300 companies in membership covering all aspects of rolling stock and infrastructure supply and a diverse range of products and services. As well as most of the Tier 1 contractors and large, multinational companies, over 60% of RIA’s membership base is comprised of Small and Medium-Sized Enterprises (SMEs).

2.2. RIA’s supplier members represent the full range of UK rail disciplines, including working on renewals, enhancements, rolling stock, signalling, electrification, and retail.

2.3. RIA provides its members with extensive services, including:

• Representation of the supply industry’s interests to Government, regional and national transport bodies, rail clients – eg Network Rail (NR), HS2, TfL – and other key stakeholders;

• Providing opportunities for dialogue and networking between members;

• Supply chain improvement initiatives;

• Supporting innovation through the Unlocking Innovation programme and UKRRIN (UK Rail Research and Innovation Network);

• Provision of technical, commercial and rail policy information every week; and

• Export promotion, including organising and creating Great branded UK Pavilions at key rail exhibitions overseas.

2.4. RIA recognises that equality, diversity and inclusion drive innovation, financial performance and success. Together with Women in Rail, RIA is promoting an ‘Equality, Diversity & Inclusion Charter’ for rail, which has the potential to support social mobility, grow UK STEM skills, create local opportunities, and increase the talent pool from which the future leadership of the rail sector will be drawn. The Charter reached 200 signatory organisations last November.

2.5. The rail network remains one of the UK’s most valuable assets, with extraordinary potential to support green growth and wider social benefits for communities right across the UK. A 2021 report produced by Oxford Economics1 shows that the rail industry supports:

• £43 billion GVA in economic growth;

• 710,000 jobs;

• £14 billion in tax revenue each year; and

• For every £1 spent in rail, £2.50 of income is generated in the wider economy.

1 https://www.riagb.org.uk/RIA/Newsroom/Publications%20Folder/OE_2021.aspx