§ Mr. Peter Rees
No genuinely viable projects in the United Kingdom should require a Government guarantee.
§ Mr. Adley
Is that not a slightly optimistic answer from my right hon. and learned Friend? Does he agree that, for example, the Channel tunnel project, on which I shall not ask him to comment specifically, can be funded by the private sector, but that it requires political guarantees against cancellation by either the French or British Government now or in the future? Is there not a difference between political and financial guarantees, and does the Treasury recognise that?
§ Mr. Wainwright
In that connection, will the Treasury now abandon the superstitious practice that anything that has the faintest hint of a Government guarantee is automatically added to the public sector borrowing requirement, and adopt the realistic policy of other developed nations?