Key Benefits
Set out a small number of provisions which would clarify the legislative and regulatory position of the Channel Tunnel Rail Link (now renamed High Speed 1) ahead of a restructuring of London and Continental Railways (LCR).
LCR is the company that built the CTRL, it also owns the UK share in Eurostar UK Ltd and significant property interests, around Kings Cross St Pancras and Stratford.
Construction of the Channel Tunnel Rail Link (CTRL) is a great achievement. The project has been completed within time and budget. International journey times have been reduced and high speed domestic train services from Kent would be introduced over the next few years, greatly reducing journey times into central London.
The line aims to carry its first passengers on 14 November, travelling the 68 miles to the Channel Tunnel in 31 minutes. Significant regeneration benefits have been secured. Over 8,000 people have been employed during construction and it is estimated that the project would have created 50,000 jobs in East London and the Thames Gateway. Post construction benefits are estimated at £10bn including investment in deprived areas around King's Cross. |
