§ Mr. BakerTo ask the Secretary of State for the Environment, Transport and the Regions what estimate he has made of the construction cost of(a) phase one and (b) phase two of the Channel Tunnel Rail Link. [84512]
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§ Ms Glenda JacksonThe estimated construction cost of the Channel Tunnel Rail Link (in January 1997 prices) is £1.67 billion for phase one and £2.5 billion for phase two.
§ Mr. BakerTo ask the Secretary of State for the Environment, Transport and the Regions how the level of Government guarantee funding for(a) phase one and (b) phase two of the Channel Tunnel Rail Link was determined; and if he will make a statement. [84513]
§ Ms Glenda JacksonThe Government's participation in the Channel Tunnel Rail Link was assessed using a model of London and Continental Railway's future finances. £3.75 billion of Government backed debt was guaranteed with first element (£2.65 billion) raised in February this year to ensure funding is available for both the financing and construction of Section 1 and to cover forecast losses on Eurostar. The remaining £1.10 billion will help fund section 2.