asked Her Majesty's Government:
Further to the replies by Lord Davies of Oldham on 15 January (Official Report, cols. 429-30) on the reduction in the budget to British Waterways, whether they have any plans to unlock selectively some of the value reportedly tied up in the non-performing assets of related land adjacent to waterways; and whether any such money released could be used to compensate for the reduction in the budget of British Waterways in order to sustain their contribution to the British tourist industry. [HL1361]
British Waterways has powers under the Transport Acts 1962 and 1968 to undertake waterside regeneration and property development in the vicinity of its waterways. It has a strong track record of achievement and innovation in delivering both urban and rural regeneration through its involvement in property investment and development.
Its 1,700 properties are currently valued at £520 million and generated income of £63.2 million last year. British Waterways keeps its operational and investment property portfolio under regular review to ensure that it continues to provide a long-term income stream for the future maintenance and improvement of its waterways. This in turn provides social, economic and amenity benefits and contributes to the British tourist industry.