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The real turnaround in the waterways has been to do with the success of the exploitation of the property portfolio under the British Waterways model, and we acknowledge that the third sector model referred to by my right hon. Friend would indeed necessitate the use of that property portfolio. It is also to do with the record investment that this Government have put in, with £800 million in grants over the past decade alone. The current state of our waterways and their maintenance, improvement and restoration, is a tribute to the work of British Waterways but also, I have to say, to the importance that this Government have placed on them.
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