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Britain to sell Channel Tunnel to reduce debts

channel tunnel
A Train out of Channel Tunnel

Ironically, this is a classic example for the impact of recession in western countries.

British government is to sell off the undersea Channel rail link, a bridge, and a betting company, among other assets, to raise around $25 billion help it manage its swelling debt as it’s suffering its worst recession in decades and the budget deficit, the gap between spending and revenues, is widening.

Initial sales that could raise 3 billion pounds include the Channel Tunnel linking Britain to France better known as the “Chunnel; the 33 per cent stake in European uranium consortium URENCO; the Tote bookmakers; the River Thames crossings at Dartford, east of London; and the Student Loans Company.

The Channel Tunnel (French: Le tunnel sous la Manche), also known as Chunnel or Eurotunnel, is a 50.5-kilometre (31.4 mi) undersea rail tunnel linking the United Kingdom and France, running beneath the English Channel at the Strait of Dover. The tunnel connects Folkestone, Kent in England to Coquelles near Calais in northern France and at its lowest point is 246 feet deep [1]. It has the longest undersea portion of any tunnel in the world (Japan’s Seikan Tunnel is longer overall (33.49 miles) and reaches a depth of 787 feet).

channel_tunnel3

The tunnel carries high-speed Eurostar passenger railway services, Eurotunnel Shuttle RORO vehicle transport and international rail freight trains. In 1996 the American Society of Civil Engineers identified the tunnel as one of the Seven Wonders of the Modern World.

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