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London and Continental Railways

Volume 493: debated on Monday 1 June 2009

To ask the Secretary of State for Transport how he plans to maximise the value to the Exchequer of the disposal of (a) High Speed 1, (b) Eurostar UK and (c) other property and remaining assets associated with London and Continental Railways Ltd. (277247)

The Government intend to secure best value in High Speed 1 through a public auction of a long-term concession, the timing of which will depend on an assessment of market conditions.

Similarly London and Continental Railways Ltd. will develop and dispose of its property assets in due course as is judged to deliver best value in the market.

The Government are not engaged in a sale of Eurostar (UK) Ltd. and continue to examine ways to best further the development of the successful Eurostar services to the benefit of passengers and in relation to value for the UK taxpayer. We are doing so in conjunction with our international partners.