Part of the debate – in the House of Commons am 12:00 am ar 5 Rhagfyr 1973.
The Government guarantees will be 100 per cent. on any overrun expenditure beyond £846 million. Already the Bill forecasts the cost of the project as £1,000 million. No one can forecast the effect of inflation or of delay on the final cost. Only the other day the Financial Times pointed to the paralysis suffered by the French construction industry because of a strike of French workers. Hon. Members will know that cement will line the French part of the tunnel. We cannot possibly be sure of the extent of overrun cost where risk capital will not be applicable.