London and Continental Railways

With construction of the link nearing completion, my Department has been considering its future relationship with the project and with London and Continental Railways, who are responsible for the construction and operation of the Rail Link. A number of options have been considered, touching on future financial arrangements, the current structure of controls in light of current best practice in such projects and the structure of LCR and its subsidiary companies. Officials have for some time held discussions with LCR about the best long term commercial structure. Separately, my Department has recently been approached by a third party, asking about the Department's attitude to their discussing with LCR's shareholders the potential acquisition of their current holdings, and about the issues of finance, structure and control mentioned above. My Department has made clear that any changes to LCR's ownership, corporate structure or controls structure will be considered against the primary objective of ensuring continuing value for taxpayers' money.