Dover looks for fresh borrowing power to back historic port
The Port of Dover, which launched Richard the Lionheart on the Third Crusade but couldn’t secure privatisation last year, is in talks to secure new borrowing powers.
Tim Waggott, who was brought in as acting chief executive in June, is reviewing how he could borrow money to develop the port without the debt ending up on the public sector balance sheet. The Government does not want to add to the national debt at a time that it is preaching austerity, even though Europe’s busiest ferry port needs investment.
Mr Waggott told The Independent on Sunday: “We are looking to all the options available to the board to be a catalyst for economic growth and regeneration in Dover.”
The port is looking to borrow “tens of millions of pounds”, according to an industry source, after privatisation plans were blocked in December.
There were fears that a foreign buyer could take over a port that is at the foot of the white cliffs of Dover, a source of national pride because of Dame Vera Lynn’s World War II song.
Last year Charlie Elphicke, Dover’s Conservative MP, said: “The very idea that the port should be sold off was desperate and out of touch. Think of the port and the white cliffs and you think of freedom and victory over tyranny.”
- 1 Rowan Atkinson to sell £10 million McLaren 'supercar' he crashed into a tree and a lamppost
- 2 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 3 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Edgar Froese dead: Tangerine Dream founder dies aged 70
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...