The UK rail network's £43.1 billion five-year investment plan has been approved by the Office of Rail and Road (ORR).
Network Rail's investment blueprint, of which £38.5 billion is for England and Wales, and £4.6 billion for Scotland, is aimed at reducing passenger and freight journey cancellations and ensuring trains run more punctually.
The ORR said it has set more ambitious performance targets, focusing on punctuality and reducing cancellations, as the sector grapples with the post-pandemic rise in passenger numbers.
Under the revised plan, there will be a two-year window for train operators and National Rail to "better align planning processes".
For freight, the regulator has set growth targets of 7.5% in England and Wales, and 8.7% in Scotland, while also capping track access charges below cost.
Will Godfrey, director at ORR, termed the final determination as "stretching and pragmatic".
Network Rail will now come back with a delivery plan confirming how it will act on the final determination.