The presentation reportedly said current funding would not let Network Rail "operate, maintain and renew" their tracks, bridges and earthworks infrastructure.

Rather than replacing with new infrastructure, they are continuing to repair the old, which will be more expensive in the long term.

A £3bn "risk fund", which is designed to help in emergencies such as severe weather, will also reportedly be cut, and priority given to fixing rail services that make the most money.

Over the next five years, there will be fewer repairs, and there could be more obstructions that cause delays and accidents due to an inability to clear them.

The "official-sensitive-commercial" report was intended for rail industry bosses but was seen by The Independent.

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It comes on top of record cancellations and wait times between October to December last year, with 4.5% of all trains cancelled, the highest rate since 2014, and only 62.3% of station stops arriving on time, according to the Office of Rail and Road.

In March, a 5.9% increase in rail fares occurred, with the presentation warning that the cost could continue to rise.

Most recently, passengers were delayed due to a "major signalling problem," causing chaos at London's Waterloo station. Around 14 platforms were "unusable" causing lengthy delays and congestion.

Louise Haigh, Labour's shadow transport secretary, blamed a "decade of dismal Conservative failure" which has left the country with "second-rate infrastructure and broken rail services failing passengers".

The Department for Transport said: "We have pledged a record £44.1 billion for Network Rail as part of our commitment to maintain vital infrastructure and run a safe and reliable railway."

The money is allocated from April 2024 to March 2029 and includes a 4% increase compared to the last period and marks an above-inflation investment.

Network Rail said: "The government's commitment to investing £44 billion in the operations, maintenance and renewal of England and Wales's railway is a clear indication of the strong economic value rail brings to Britain.

"Our plan for CP7 will be ambitious, focused on our passengers and customers and reflects the current complexities and challenges facing the industry."