I reported on 14 February 2006 that my Department has been considering its future relationship with London and Continental Railways (LCR) who are responsible for the construction and operation of Channel Tunnel Rail Link and had also been independently approached by a third party, with an interest in the potential acquisition of the shareholders' interests in LCR. I announced on 1 March 2006 that, given such interest, the best way of delivering continuing value for money for the taxpayer would be for there to be an open, transparent, competitive process and that my Department was discussing this approach with LCR's shareholders.Having considered the matter, it is clear that certain shareholders do not wish to sell their shares at this time. Meanwhile, LCR and its shareholders have proposed a significant overhaul of the future relationship with the Department, which I welcome. There is therefore no need to proceed with a competitive process now. My main concern is to secure best value for taxpayers as well as continuing value for money and so we will look again with shareholders at a later stage, probably once the Channel Tunnel Rail Link has been commissioned, which we expect to be in 2007.

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