HC Deb 03 November 1986 vol 103 cc677-8
14. Mr. Dykes

asked the Secretary of State for Transport what representations he has received from the public expressing concern about any delays in the Channel tunnel construction project.

Mr. Moore

The Channel tunnel project is still on target for construction to start next summer as planned, subject, of course, to parliamentary approval, and very few members of the public have expressed concern about possible delays.

Mr. Dykes

May I thank my right hon. Friend for that answer? In view of the scurrilous disinformation and hostile propaganda against this excellent project last week, will he go further and confirm that there is, as he said, no delay, that the finance is fully secured and that this is an attractive project for investments? Will he confirm also that there is no question of the French having unfair domination, that we are indulging in 50–50 co-operation with our great continental neighbour 20 miles away on a fully friendly basis and that this excellent project will produce thousands of jobs?

Mr. Moore

I do not think that I can pick up all the points in my hon. Friends supplementary question, but essentially, the success of Eurotunnel in raising funds in the City was a remarkable achievement when we consider that the Bill has not yet completed its passage through Parliament, that the treaty has not been ratified, that the concession agreement is not yet in effect and that competitors have been running a fierce campaign to dissuade investment. That campaign suggests that those behind it share the Government's hopes for this exciting project.

Mr. Skinner

Will the Minister confirm that the money for the Channel tunnel was secured only at the very last minute by the intervention of the Governor of the Bank of England who started the arm-twisting process by saying to financial institutions, "Will you put up some money, albeit we might not need it for a long time?" Against that background, will the right hon. Gentleman give a categorical assurance, once again, that the Government will not use any taxpayer's money to finance this project at any time?

Mr. Moore

Questions for the Bank of England are a matter for its Governor. I confirm that the Government have no intent, desire, or see any necessity, to provide governmental money for the Channel tunnel project. The hon. Gentleman should address his remarks to his own party, which understands the excitement of the potential developments for British Rail to which hon. Members referred a few moments ago. The project has potential also for the north and all other parts of our great kingdom that might benefit from it.

Mr. Teddy Taylor

Can my right hon. Friend confirm that he has received no representations from anyone in Southend expressing concern about delays in this project? Is he willing to issue a clear warning to average British investors that if they put their money into the project later this year, they will lose it all if the project is not completed because of funds running out?

Mr. Moore

I would not seek to intervene in any way in the normal market process or seek to give advice to investors as to what they should or should not do with their money. I rely of course— as you would expect. Mr. Speaker—upon my hon. Friend for advice about the views of people in the Southend area.