Government sells £2.1bn rights to operate high-speed railway

Date: 5/11/2010

The government has sold the rights to run Britain's first high-speed railway for £2.1 billion.

A consortium of Borealis Infrastructure and Ontario Teachers' Pension Plan was named as the contract winner, in a move that marks the next step forward for the High Speed 1 rail network.

Transport Secretary Philip Hammond described the successful bid as "a big vote of market confidence in the future of high-speed rail."

"This is an exciting time for rail travel and an important step in our plans," he continued.

Mr Hammond added he is looking forward to working alongside the new concessionaire and to the benefits High Speed 1 will bring to passengers.

Ontario Teachers' Pension Plan and Borealis Infrastructure will take on the management of the 68-mile line, which is due to connect London to the Channel Tunnel when it is completed later this month.

The Department for Transport recently said it had secured investment for important travel infrastructure in the Comprehensive Spending Review, prioritising funding for schemes such as high-speed rail.

Posted by Mary Treen