Network Rail heading towards 'chunky fine'

Network Rail has been told by the rail regulator that it must find savings of £2bn over the next five years at the same time as improving punctuality.

But the Office of Rail Regulation (ORR) said the cost cuts must not come at the expense of safety.

Richard Westcott, the BBC's transport correspondent, told Today presenter James Naughtie that this was "very significant" as Network Rail had "a bad record on punctuality".

He said that if Network Rail kept missing its targets "it could face a pretty chunky fine from the regulator".

First broadcast on BBC Radio 4's Today programme on Wednesday 12 June 2013.