Part of the debate – in the House of Commons am 12:00 am ar 5 Rhagfyr 1973.
I would not challenge that. I was talking about the general principles. If the right hon. Gentleman looks at what his right hon. Friend, who was then Prime Minister, and the right hon. Member for Blackburn (Mrs. Castle) were saying at the time, particularly in 1966, he will certainly see—even accepting that the right hon. Member for Huyton (Mr. Harold Wilson) occasionally puts a point of view which one has to look into carefully to see the precise meaning—that after discussions with the French Government the position was fairly clear. I accept that detailed arrangements for financial measures had not been reached at that time, but I think that the right hon. Gentleman will agree that the broad principles and the general method of financing had been agreed.
Under Clause 6(2) there is a limit of £800 million on the total commitment in respect of guarantees. This sum may be increased by order to £1,000 million, which by virtue of Clause 7(3) must be subject to the affirmative resolution procedure. These figures represent the total sums to be guaranteed by the two Governments. But, although these figures have to be spelt out, it is not credible that nugatory expenditure of this size, £400 million to £500 million by each of the two Governments, would ever be incurred. This scale of liability could arise only if the tunnel was built, or nearly built, and then totally abandoned.
Any earlier abandonment would cost less, depending on how much had been spent at the time, and the scheme has been carefully designed to include one formal break-point in 1975, and to permit any one of the parties to get out at any time. We do not expect anything to go wrong. The tunnel project has been exceptionally well researched. There is no new technology involved. The estimated cost has included provision for contingencies.
Economically as well as environmentally, the tunnel is the best way of dealing with an escalating traffic problem. Large profits will accrue to the public purse, and these guarantees should be regarded not as potential penalties but as our investment in a worthwhile project.