Orders of the Day — Channel Tunnel Bill

Part of the debate – in the House of Commons am 12:00 am ar 5 Rhagfyr 1973.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Mr Roger Moate Mr Roger Moate , Faversham 12:00, 5 Rhagfyr 1973

Well, if we had built one-third of the tunnel and more money were refused it would be leaving the tunnel—if I may use the phrase—in mid-air. Even when we have reached the £500 million we shall have to vote more funds if the Government want more. We shall be creating a white elephant, or digging a grave for the greatest white elephant of all time.

The figures are misleading. The figure that we have been given is £846 million, but what is the inflation rate? Is it 4·9 per cent.? Between the first figures and the second figures the rise was 11·2 per cent. Are we saying that inflation in the next two years will be 5 per cent.? Probably 10 per cent. would be nearer the mark. Are we saying that the interest charges on which the projection is based are likely to remain the same as they were a year ago? They have probably already risen by 50 per cent. Those two items carry the £846 million nearer to £1,200 million or £1,300 million.

Why are the Government so confident that the guarantees will not be called upon? As soon as there is any delay in the project—which could add between £80 million and £100 million in interest charges for every year—those guarantees will be called upon and the question of a reasonable return on the project will fall into doubt. The guarantees are not just a nice fall-back position that will never be called upon.

In the country there has been great misunderstanding about the project. People do not understand the difference between the rolling motorway project and the railway-only tunnel that many people are now proposing.

Many people still think that all the heavy lorries—the juggernauts—will board trains at regional centres. They have not grasped the fact that this project is designed to attract cars and lorries to drive all the way on the Kent roads down to the Cheriton terminal. This is the greatest failing and disappointment in the Bill. If people understood that this would involve 4 million cars and several hundred thousand lorries being put on the roads to the Kent coast, they would have considerable misgivings.