Channel Tunnel Rail Link (Supplementary Provisions) Bill

My hon. Friend makes a valid point. I know that he takes a close interest in rail freight matters. High Speed 1 might be appropriate for freight usage. The Government's hope is that decisions about access to High Speed 1 will be taken on a completely commercial basis. He is right to point out that the recent history of through-tunnel rail freight has been a difficult one, certainly in relation to the charging regime for travel through the tunnel. The Government have been trying to work that problem through with the owners and the rail freight companies. My hon. Friend is absolutely right that there is no reason why domestic freight should not use High Speed 1 in the future. The Bill amends the statutory definition of ““development agreement”” in the Channel Tunnel Rail Link Act 1996 to include the word ““operation””. We are now starting to see the full extent of this project's value to the UK taxpayer. The financial receipts from any sales are likely to be significant, but the benefits of the rail link are wider than any simple financial transaction. LCR estimates that the new line is facilitating £10 billion in private investment in some of the most deprived areas of the south-east. King's Cross Central is a 27 hectare former goods yard that will accommodate new build homes and reused warehouses, shops, offices and leisure facilities. Taxpayers will receive an agreed proportion of the proceeds from that development. In Stratford, a 30 million sq ft development, including a new station, shopping centre and accommodation for athletes, will support the successful staging of the Olympic games in 2012. Journey times to the continent have been cut by at least 40 minutes, compared with before HS1 was built, and through tickets are now available from regional stations across the UK.