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MAINTENANCE CONTRACT AWARDED FOR NETWORK RAIL’S ‘FLYING BANANA’ TRAIN
Network Rail has awarded a contract to Loram UK for the maintenance of its New Measurement Train following a competitive tender in 2019. The contract, awarded in December, is budgeted for £8million over five years. The New Measurement Train monitors and records track condition information at speeds up to 125mph. Known as the Flying Banana because of its distinctive yellow livery, it is the fastest train in Network Rail’s infrastructure monitoring fleet, which identifies faults on the railway before they become a safety issue or affect performance.
83% OF MILLENNIALS SAY BUY-TO-LET PROPERTY STILL WORTHWHILE INVESTMENT Despite a stagnant property market, a new survey has revealed that 75% of people still believe that investing in buy-tolet is worthwhile. Among millennials the number was even higher with 83% saying they considered it to be a good investment and more than a third of them saying they would use the investment as a pension. The survey, which was carried out by Perrys Chartered Accountants, also revealed that uncertainty due to Brexit (28%) and increased tax and stamp duty rates (29%) were the main reasons why investors would be put off. In recent years, landlords have seen an increase in taxes on buy-to-let properties including stamp duty rates and income tax. Meanwhile, buy-to-let mortgages have become more difficult to obtain.
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Property prices in London – traditionally an indicator for how the market will
fare in the rest of the country – have started to dip. Despite this, 76% of Londoners would still consider investing. Donna McCreadie, who is a buy-to-let tax specialist at Perrys, said: “Buy-tolet is still a solid long term investment despite what current market indications and the drop off in purchases might suggest. It’s interesting that the younger generation still sees it as a way to plan financially for the future. However, there are many things to consider before jumping in, including stamp duty charges, how income tax might be affected and what the return on the investment is likely to be.” Donna added: “Investing in a property is a long term plan rather than a quick fix to financial freedom so it’s important to gather as much information as possible and speak to a professional tax specialist and mortgage advisor before making a commitment.”
The New Measurement Train will be maintained at Loram UK’s Derby facility, where Network Rail’s other infrastructure monitoring trains have been maintained since 2010. Equipped with high-tech measurement systems, track scanners and highresolution cameras, the New Measurement Train is a converted Intercity High Speed Train that has been travelling around Britain’s railway network for 15 years.
The train’s speed means it can measure large distances in a single operating shift. It covers 115,000 miles in a year and captures around 10TB of image data every 440 miles. Engineers use the data that the train collects to make repairs and plan maintenance. Earlier in December, Loram UK completed a threemonth overhaul of the New Measurement Train coaches as part of the infrastructure monitoring fleet operations contract. The overhaul process happens every four years and involves taking apart the train completely, testing all its parts, making any improvements or fixes and then rebuilding the train. Mike Black, supply chain services director, Network Rail, said: “This contract simplifies the maintenance of the New Measurement Train. It will not only deliver savings to Network Rail and ultimately the taxpayer, but also ensure that the train is maintained to a high standard so it can continue to work for the safety of passengers and other railway users.”