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London and Continental Railways

Volume 494: debated on Wednesday 17 June 2009

To ask the Minister of State, Department for Transport pursuant to the written ministerial statement of 8 June 2009, Official Report, columns 24-26WS, on London and Continental Railways, what estimate he has made of the monetary value of (a) St. Pancras International station and (b) the high speed rail line from St. Pancras International station to the Channel Tunnel. (279657)

The Government are currently engaged in a restructuring of London and Continental Railways. Following this, it is the Government’s intention, as market conditions allow, to sell a long-term concession for High Speed 1 in such a way as to maximise value for money for the taxpayer.

The estimate of the expected proceeds is commercially confidential and to publish the information might condition the competitive sale process and damage value.

To ask the Minister of State, Department for Transport pursuant to the written ministerial statement of 8 June 2009, Official Report, columns 24-26WS, on London and Continental Railways, what estimate he has made of the cost to the public purse of restructuring (a) HS1 Ltd and (b) the UK’s interest in Eurostar. (279658)

The restructuring of London and Continental Railways (LCR) announced on 8 June 2009 involved no further commitment of public funds over and above those committed during the restructurings of the company in 1998, 2001 and 2002.

The current financial restructuring provides for the redistribution of support already committed to allow LCR’s subsidiary businesses to be established on a stand-alone commercial basis. This will allow the value of those businesses to be realised in due course with a commensurate reduction in the overall level of state support.