British Waterways’ income from their canal side non-operational property for 2008-09 is estimated to be £43.2 million, pending final audited figures1. All of this income was used in 2008-09 to fund operational expenditure on managing the waterways including maintenance and improvement.
1 Figures obtained from British Waterways.
British Waterways has launched a national debate on its proposal to move towards third sector status over the longer term. My Department, the Treasury, and the Shareholder Executive are engaged with British Waterways in discussing what is the best model for supporting a sustainable future for the waterways. We will be interested to see the responses to the public debate on British Waterways’ third sector suggestion.
The Operational Efficiency Programme review, announced on 21 April 2009, concluded that a wholly owned subsidiary of British Waterways should be set up to manage its canal side non-operational property portfolio which is now being implemented. Government will monitor the impacts of the subsidiary and the progress of British Waterways’ strategy before taking any decisions on any further change to the British Waterways business model.