PART TWO Financing and construction of the project have been taken forward
In 2002, Railtrack Group completed its withdrawal from the project. The consequent restructuring exposed the taxpayer to only slightly more project risk. In September 2003, Section 1 was opened on time and at a cost slightly less than the target cost.
More Information
- LCR's financing arrangements had to change when Railtrack Group withdrew from the project
- There was no substantial increase in taxpayer support following Railtrack Group's withdrawal
- The Department ruled out public funding for Section 2
- The new financing arrangements were sensible
- Cost, construction progress and operation of Section 1 have so far met expectations avoiding additional calls on the taxpayer