HC Deb 03 March 2003 vol 400 cc786-7W
Bob Spink

To ask the Secretary of State for Transport which airport development options assessed at SERAS Stages 2 and 3 were considered by the SERAS consultants to meet private sector funding criteria in terms of an acceptable internal rate of return. [99522]

Mr. Jamieson

The financial appraisal undertaken in the SERAS study indicates that, using airport charges at the time the analysis was undertaken, achieving a high target rate of return (12.5 per cent.) might be difficult for any major airport development. Chapter 15 of the Future Development of Air Transport in the United Kingdom: South East, a second edition of which was published on 27 February (including some minor revisions to this chapter) discusses how major new airport capacity might be funded.

The principal results of the financial appraisal of different airport options are presented in the "SERAS Stage two Appraisal Findings report (section 14.4)."