Brexit Britain Eyes Eurofima for Railway Funding

Could Joining a European Rail Finance Group Save the UK Millions?

The UK government is exploring membership in Eurofima, a European rail financing group, as a way to secure better funding for new trains and support british manufacturing.

This move comes as the UK seeks to develop a long-term strategy for it’s rolling stock, aiming to boost domestic production and improve passenger services.

“The ⁣government is committed ‍to⁢ developing a ⁤long-term industrial strategy for rolling stock, which supports British manufacturing and innovation and ultimately improves the offer for passengers,” a government spokesperson said. “As part of this, my officials have been exploring ⁣the best financing structures to support this investment, in partnership with‍ private finance, and this includes ⁢considering Eurofima ⁤finance.”

Ironically, Brexit may have strengthened the case ⁤for joining Eurofima.Previously,⁢ UK operators benefited from preferential financing from the European Investment Bank. However, post-Brexit, access to this funding has been blocked, making rolling stock procurement more expensive.

“With the imminent transition to Great British Railways,now is a⁣ very opportune moment for the U.K. to join Eurofima, whose members largely consist of national rail operators,” said Michael⁣ Solomon Williams ‍from the Campaign for Better Transport.The Campaign‍ for ⁢Better Transport argues‍ that joining Eurofima could offer a “better value approach” to delivering new trains.They highlight the potential for Eurofima membership to ‍plug ⁣the current funding gap,save the government money,and ultimately protect jobs in the UK rail sector.”for years, the U.K. has been suffering from‍ inconsistent rolling stock⁤ production, compounded by a loss⁣ of EU funding, which if ‍not ⁤addressed soon could lead to major job losses in the sector,” Williams added.

Eurofima itself has⁢ expressed a⁣ warm welcome⁤ to the UK. CEO Christoph Pasternak told Rail Business UK earlier this year: “Everyone we have spoken to in the U.K. thinks this is ⁣a good idea and can see a clear benefit in terms of easing the burden ⁤on the public purse. But we just need someone in government to pick up the pen.”

Could Joining Eurofima Save UK Millions⁤ on New Trains?

Newsdirectory3.com – The UK government is considering⁣ joining Eurofima, a European rail financing group,⁢ possibly unlocking significant savings on new train purchases and supporting domestic ⁢manufacturing.

This move comes as the UK seeks to develop a long-term strategy for its ⁢rolling stock, aiming to boost British production and enhance passenger services.

“The government is committed to developing a long-term industrial strategy for rolling stock, which supports British manufacturing and innovation and ultimately improves the offer for passengers,” a government spokesperson ⁣said. “As part ‍of this, my officials have been exploring the best financing ⁢structures to support this⁣ investment, in partnership with private finance, and this includes considering Eurofima finance.”

Brexit has ironically strengthened the ⁤case for UK membership in Eurofima. Pre-Brexit, UK operators benefited from preferential financing ⁣from the European Investment Bank, but that access has been blocked sence leaving the ⁣EU.

Michael Solomon Williams from the Campaign for Better Transport believes now is the perfect time for UK to join ⁣Eurofima. “with the imminent transition to Great British Railways, now is a very opportune moment for the U.K.to join Eurofima,whose members largely consist of⁢ national ⁢rail operators,”⁣ he said.

The Campaign for Better Transport argues that joining Eurofima could offer a “better value approach” when it comes to procuring new ⁢trains. They highlight the potential for Eurofima membership to plug the current funding gap, save the government money, and ultimately protect jobs in the UK rail sector.

“For years,the⁢ U.K. has been suffering from inconsistent rolling stock production, compounded by a loss of EU funding, which if not addressed soon could lead to major job losses in the ⁣sector,” Williams added.

Eurofima CEO Christoph Pasternak has expressed enthusiasm for UK membership. “Everyone we have ⁢spoken to in the U.K. thinks this is a good idea and can see a clear benefit in terms of easing the burden on the public purse. But we just need someone in government to pick up the pen,” he told ⁤Rail Business UK.