§ Mr. GibbTo ask the Chancellor of the Exchequer if he will estimate what the financial markets would have charged for the Channel Tunnel Rail Link guarantee. [46969]
§ Mr. Darling[holding answer 22 June 1998]: The Government believe that the amount of finance required for the Channel Tunnel Rail Link is such that the financial markets would have been unable to provide the credit support which Government are to give.
§ Mr. GibbTo ask the Chancellor of the Exchequer what was the basis of the valuation of the Government's participation in the Channel Tunnel Rail Link; what is that value; and who prepared the calculations on behalf of the Government. [46858]
§ Mr. Darling[holding answer 22 June 1998]: The information requested was set out in the statement by my right hon. Friend the Deputy Prime Minister on 3 June 1998, Official Report, columns 367–70. The Government's participation in the Channel Tunnel Rail Link was assessed using a model of London and Continental Railways' future finances prepared by the company and independently reviewed by external consultants.