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Topic: LCR To Be Privatised? (Read 2006 times)
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Lee
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The company that built the high-speed Channel Tunnel Rail Link may be heading for a multibillion-pound privatisation next year (link below.) http://www.rmtbristol.org.uk/2007/11/rail_link_provider_is_on_track.html#moreAlistair Darling and Ruth Kelly are expected to rule early next year on what happens to London & Continental Railways , two years after the Government shelved a quick sale that became mired in accusations of cronyism. |
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Lee
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« Last Edit: November 05, 2007, 03:12:26 PM by Lee »
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Lee
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Four peers are planning to throw a spanner this week into government plans to sell London & Continental Railways, owner of Eurostar and the high-speed rail link to the Channel Tunnel. They will try to reverse a crucial piece of enabling legislation that sets the terms for the sale (link below.) http://www.rmtbristol.org.uk/2008/04/lords_oppose_sale_of_eurostar.html#moreMinisters want the key asset, the new rail link from London to the tunnel, to be outside the remit of the Office of Rail Regulation, which has responsibility for regulating the rest of the UK rail network. The regulator sets prices every five years for access to lines and allows, in theory, open access to the network. Instead, the line will be regulated directly by the Department for Transport. |
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Lee
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London & Continental Railways, the consortium that owns and operates the UK arm of the Eurostar international train service, is close to selling its most valuable land holdings, so returning hundreds of millions of pounds to shareholders (link below.) http://www.guardian.co.uk/business/2008/may/18/shares.transportThe Treasury is in line to receive nearly 50 per cent of any sale proceeds. But the land sales come at an awkward time, because values for real estate have tumbled 20 per cent in the past year. There are fears that the government may lose a huge slug of cash, having underwritten £3.7bn of bond finance used to fund the development of the high-speed rail link. |
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