Network Rail has announced plans for £26 billion investment over the next five years, to increase punctuality.

The total represents £14 million spent every day, in order to increase the proportion of trains running on time from 80 per cent to 90 per cent, as outlined in the company's 2004 business plan.  To this end, rail bosses have pledged to replace a daily average of 1.5 miles of track.

"This clear plan shows our commitment to deliver a better train service to the passenger through the enormous amount of activity and investment that will be pumped into Britain's ageing railway infrastructure overthe next five years," said Network Rail chief executive John Armitt.

"Every day we have over 20,000 rail workers out on the track rebuilding Britain's railway.  Our job must be to ensure that we get the most out of every shovel-full, making every penny count in the delivery of a better, more reliable railway."

"We are determined to succeed," he added.

"It is through this unprecedented level of investment and activity, combined with the professionalism and dedication of our people and suppliers, that we can look forward to a better railway for our customers and the passenger."

However, shadow transport secretary Theresa May was sceptical.

"The proof of the pudding will be in the eating," she said.

"What we have seen today is a big wish list of projects with an even bigger price tag.  What passengers want is a real improvement in services, not just promises of 'jam tomorrow'.

"The government has spent the last seven years promising better railways, but never coming up with the goods.  Performance is still substantially worse than when Labour came to power in 1997.

"We have seen similar promises from the transport minister before, but so far they have failed to deliver the benefits to passengers.  We must now see a return for such investment of taxpayers' money in the punctuality of trains and the quality of service."