1996-01-09 Sale of first rolling stock leasing company completed (Department of Transport)

1995-11-09 Britain creates new train leasing market with #1.8 billion sale (Department of Transport)

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date 27 February 1996
source Department of Transport
type Press release

note 57

The Thameslink 2000 project which will extend rail services between
the north and south of London through the City has been given the
green light, Transport Secretary Sir George Young announced today.

In an oral statement to the House of Commons, Sir George confirmed
that the #650 million project would be taken forward.

The construction of the CTRL terminus at St Pancras provides a
unique opportunity to take forward Thameslink 2000 in parallel. The
Government has therefore decided that the successful bidder for the
CTRL project should construct the main station structure for
Thameslink 2000 and the link to the Great Northern Line, and we will
be providing sufficient funding to cover the cost of these works. For
its part, Railtrack - once in the private sector - will carry out the
remaining infrastructure works including the fitting out of the
station.

The cost of the Governments contribution towards the capital costs
of the project will depend on the outcome of the CTRL competition but
I expect it to be around #100 million out of the total capital cost
of #650 million. With joint funding, and Railtrack and the CTRL
promoter taking construction risk for the project, this will be an
excellent example of the private sector and the public sector
combining to take forward a major investment project.

Benefits of the project include:
Unique opportunity to relieve congestion particularly through London
Bridge station;

Increase capacity on existing route from 6 to 24 trains per hour in
each direction;

Provide significant new opportunities for services from points as far
afield as Brighton, Eastbourne and Bognor Regis to the South of
London to Bedford, Cambridge and Peterborough to the North;

Enhance access links to both Gatwick and Stansted airports;

Make it easier for passengers to travel by rail to and from the
Channel Tunnel Rail Link terminal at St Pancras.

The centrepiece of the project would be a new station at St Pancras
adjoining the CTRL terminal. In addition there would be two new rail
flyovers at New Cross Gate and Bermondsey, an extra platform and
track at London Bridge, additional tracks through Borough Market,
rebuilding works at Blackfriars

Sir George stressed his commitment to the progressive strategic
enhancement of Londons transport infrastructure and made clear that
because of interaction with CTRL, Thameslink will now precede work on
the Crossrail project for enhancing capacity on east west cross-
London routes, complementing CTRL.

Sir George continued:

On current plans, Thameslink 2000 services can be expected to start
within six years. The precise timing will depend on progress on the
CTRL and on the time taken for Railtrack to secure necessary
authorisation for the works under the Transport and Works Act.

NOTE
Public Enquiries: 0171 271 4800

# = pounds sterling

Railhub Archive ::: 1996-02-27 DoT-001