§ Sir Teddy TaylorTo ask the Secretary of State for Transport what total amount of public funds has been spent on the Channel Tunnel and associated works since 1986; and what assessment he has made of the economic stability of the Tunnel in the future. [161696]
§ Mr. McNulty[holding answer 17 March 2004]: No public funds have been spent on the Channel Tunnel itself. The Treaty of Canterbury, signed on 12 February 1986, specifically prohibits any public finance for this infrastructure. The connecting road and rail infrastructure has been developed with Government support. However, in the UK the bulk of this is in the form of guaranteed bonds.
While the Government is keen to see maximum usage of the Tunnel infrastructure, the economic foundation of the operating company is ultimately a matter for its shareholders.