Channel Tunnel operator Eurotunnel has cancelled all rail investments in the UK over an incoming hike in business rates. Another self-own from the government…
Chief executive Yann Leriche said the uprated business rates bill from £22 million to £65 million “makes all of our investments lossmaking, so we won’t be making any more investments... As of today, we have frozen our investment in rail assets in the UK.” It was due to spend £15 million building a freight terminal and launching a new freight service from Lille…
Business rate costs are passed on to consumers. Eurostar says that “a three-fold increase in business rates for Channel Tunnel users for the second time would be at odds with the government’s ambition of economic growth, pioneering European rail connectivity, and encouraging low-carbon rail travel.” Who in their right mind would invest in these conditions…
