Orders of the Day — Channel Tunnel [Money]

– in the House of Commons at 12:00 am on 30th April 1974.

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Queen's Recommendation having been signified

Resolved,

That, for the purpose of any Act of the present Session to provide for the construction and operation of a railway tunnel system under the English Channel, it is expedient to authorise—

  1. (1) the payment out of the Consolidated Fund of such sums as may be required for fulfilling guarantees given by the Treasury in relation to money borrowed for the purpose of providing finance for the construction and maintenance of the tunnel system subject to a limit of £1,000 million in so far as the sums are required for the repayment principal, and the payment into that Fund of sums received in pursuance of arrangements with the French Government towards the fulfilment of guarantees so given;
  2. (2) the payment out of the Consolidated Fund of such sums as may be required for contributing, in accordance with those arrangements, towards the fulfilment of guarantees given by or on behalf of the French Government in relation to money borrowed for the purpose mentioned in paragraph (1) above subject to a limit of £500 million in so far as the payments are required for the repayment of principal;
  3. (3) the payment out of money provided by Parliament of sums required to meet expenditure incurred by the Secretary of State—
    1. (a) in fulfilling any obligations or exercising any rights which are or become his in pursuance of any agreement between the Secretary of State and other persons relating to the construction of the tunnel system;
    2. (b) in making payments for land vested in or acquired by him under the said Act of the present Session or payments of compensation for loss in connection with the exercise by the Secretary of State of powers of acquiring land under that Act; or
    3. (c) in carrying on the construction of the tunnel system in the event of the abandonment of the construction of that system by the other persons referred to in sub-paragraph (a)above;
  4. (4) the payment out of money provided by Parliament of any increase attributable to that Act in the sums so payable under any other enactment for land so acquired or otherwise by reason of the exercise of any statutory powers in connection with construction of the tunnel system;
  5. (5) the payment into the Consolidated Fund of sums received or recovered by the Secretary of State in connection with or arising out of the construction, maintenance or operation of the tunnel system or the acquisition of land for the construction, maintenance or operation of that system or the disposal of land so acquired;
  6. (6) the payment out of the National Loans Fund of such sums as are necessary to enable the Secretary of State to make loans to the British Channel Tunnel Board constituted by the said Act of the present Session (hereafter referred to as 'the Board'), and the payment into that fund of sums paid to him by way of repayments of such loans or payment of interest thereon
  7. (7) the payment out of the Consolidated Fund of sums required for fulfilling any guarantee given by the Treasury in relation to money lent to the Board by persons other than the Secretary of State, and the payment into that Fund of sums received by the Treasury by way of repayment of sums issued in fulfilment of such guarantees or interest on the sums so issued;
  8. (8) the payment by the Secretary of State into the Consolidated Fund of sums paid to him by the Board.—[Mr. Mulley.]