The UK railway regulatory framework

The regulatory framework of the railway system in the UK has recently changed. The Rail Regulator is the referee, and is responsible for the dominant and monopoly elements of the railway. A key element of the Regulator´s agenda has been a programme of improving Railtrack´s accountability to the public interest. The programme has three main elements of reform: a review of Railtrack´s access charges to create a sound basis for investment (completed in October 2000, and implemented from April 2001); reform of Railtrack´s network licence, which will strengthen and clarify the company´s obligations; and the reforming of the access contracts, which govern the relationship between Railtrack and the train operating companies, to further provide clarity, predictability and stability. These reforms will work towards delivering a better, stronger and safer railway.