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| Version 1 | Version 2 |
|---|---|
| Eurostar line sell-off confirmed | Eurostar line sell-off confirmed |
| (about 7 hours later) | |
| The UK rail line carrying Eurostar trains to the continent is to be sold off, the government has confirmed. | |
| It was always the intention to sell off the track and stations - known as High Speed 1 - after the line to London St Pancras was completed. | It was always the intention to sell off the track and stations - known as High Speed 1 - after the line to London St Pancras was completed. |
| It is currently managed by the London and Continental Railways consortium, which also owns the accompanying land and the UK's stake in Eurostar. | It is currently managed by the London and Continental Railways consortium, which also owns the accompanying land and the UK's stake in Eurostar. |
| Network Rail may make an offer, although foreign buyers could also bid. | Network Rail may make an offer, although foreign buyers could also bid. |
| 'Uniquely British' | 'Uniquely British' |
| LCR is wholly privately-owned by eight shareholders made up of civil engineering and banking companies. | LCR is wholly privately-owned by eight shareholders made up of civil engineering and banking companies. |
| However, their shares are effectively worthless as the company is entirely funded by debt which is entirely underwritten by the government. | However, their shares are effectively worthless as the company is entirely funded by debt which is entirely underwritten by the government. |
| This means that the proceeds from the 2009 sale of the line will be returned to the government - and by extension, the taxpayer. | This means that the proceeds from the 2009 sale of the line will be returned to the government - and by extension, the taxpayer. |
| LCR shareholders will receive a £60m payment which was agreed to be paid once the rail link was completed. | LCR shareholders will receive a £60m payment which was agreed to be paid once the rail link was completed. |
| "Those planning to bid for High Speed 1 will effectively be bidding for the physical assets, the debt that paid for it, and the revenue from train services which will eventually pay off the debt," the BBC's transport correspondent Tom Symonds explained. | "Those planning to bid for High Speed 1 will effectively be bidding for the physical assets, the debt that paid for it, and the revenue from train services which will eventually pay off the debt," the BBC's transport correspondent Tom Symonds explained. |
| Transport minister Tom Harris said that High Speed 1 - which officially launched last week - had "slashed" journey times from London to mainland Europe. | Transport minister Tom Harris said that High Speed 1 - which officially launched last week - had "slashed" journey times from London to mainland Europe. |
| "Government investment will always be needed to fund major rail projects, but given the investment made by taxpayers, we now need to get the best possible return.," he said. | "Government investment will always be needed to fund major rail projects, but given the investment made by taxpayers, we now need to get the best possible return.," he said. |
| He said there would be an "open, competitive process for any sale to secure best value for the taxpayer". | He said there would be an "open, competitive process for any sale to secure best value for the taxpayer". |
| Shadow transport minister Stephen Hammond described the new line, which has cut about 20 minutes off the time of a journey between London and Paris, as a "unique British achievement". | Shadow transport minister Stephen Hammond described the new line, which has cut about 20 minutes off the time of a journey between London and Paris, as a "unique British achievement". |