King's Cross rail plan backed

RAILTRACK'S involvement in the rescue plan for the Channel Tunnel Rail Link was approved overwhelmingly yesterday by the track and signalling group's investors. Railtrack has agreed an option to buy the development rights for the land around London's King Cross and Stratford stations with London & Continental Railways, the consortium behind the rail link.

In a deal announced by John Prescott, Deputy Prime Minister, in June, Railtrack will build and buy the first phase of the 68-mile high-speed link between London and Folkestone. The link will not be completed until 2007 . The option on the London stations will only be exercisable if Railtrack also buys the second phase of the project.