HM Treasury has set a funding cap of £45 billion (2025 prices) on programme spend from 2026–27.12 The funding cap amount was based on factors including early estimated cost ranges based on potential scope options and assessment of long-term affordability, and will be adjusted for inflation over time.13 The Department explained that it is a cap on the funding to be provided by central government rather than a cost estimate. It told us it now needs to develop a scope that can be delivered within this cap.14 In its written evidence to us, Transport for the North stated the funding cap should be used to focus informed decisions on what scope is affordable to achieve the outcomes, and to drive additional value from the spending.15