Network Rail boss: 'We have to improve reliability'

Network Rail has been fined a record £53.1m by the rail regulator for "shortfalls in performance".

The Office of Rail Regulation (ORR) said the firm had fallen "significantly short" of punctuality targets.

It also said Network Rail had failed to deliver on some of its plans to improve its service and did not know enough about the condition of some key assets.

The company's chief executive, Mark Carne, said there was a trade-off between capacity and reliability, but admitted: "We have to improve reliability".