§ Lord Grenfellasked Her Majesty's Government:
Following the statement by the Deputy Prime Minister and Secretary of State for the Environment, Transport and the Regions in another place on 28 January, (Official Report cols. 461–74), what response they have had from London and Continental Railways in respect of revised financing proposals for the Channel Tunnel Rail Link. [HL828]
§ The Parliamentary Under-Secretary of State, Department of the Environment, Transport and the Regions (Baroness Hayman)We have held discussions with Bechtel, representing the shareholders of London & Continental Railways, and Railtrack for whom the shareholders envisage a future role. These discussions have resulted in a framework proposal, but one which still needs to be further developed. London & Continental Railways have consequently asked for more time. In light of the complex nature of the framework proposals and the amount of further work that needs to be done, we have decided that time should be allowed to establish whether there is an acceptable way forward; an extension to 31 March 1998 has therefore been authorised.