§ 27. Mr. TimmsTo ask the Secretary of State for the Environment, Transport and the Regions what assessment he has made of the prospects for regeneration in the Thames gateway area. [47648]
§ Angela EagleThe Thames Gateway area provides some of the main opportunities for development and regeneration in the South East. A number of substantial developments have already taken place, others are in progress and more in prospect, which will produce significant regeneration benefits for the area.
A key factor in realising the full potential of the area is the completion of the Channel Tunnel Rail Link. The link underpins the strategy for the Thames Gateway with international stations at Stratford and at Ebbsfleet, both within the Gateway area, and at King's Cross/St Pancras.
An assessment carried out in 1992 put a value of £500 million on the regeneration benefits of the link. A recent re-assessment by my Department suggests that the link would produce regeneration benefits of about £650 million in the areas around the three stations. This is broadly in line with the earlier estimate, after allowing for inflation. If we were to try and deliver the same level of benefits through regeneration programmes, it could cost around £1 billion at today's prices.