A hopeless cause, as anyone with access to a pocket calculator could have told them. Yet it took nine months of gestation before severe financial complications set in for Eurotunnel, and the company declared it would no longer pay the interest (try that one on with your building society or credit card company).
On Thursday Sir Alistair Morton blamed ferry operators for starting a price war with his company. I suspect that if he was in a business where a new rival virtually doubled capacities and tried to eliminate the competition, he ,too, might take action.
For those who might be terminologically confused between the car-carrying Eurotunnel and the train-running Eurostar, rest assured that the train operators are in fine financial health - not least because the Government has written off the British side's debts in advance of privatisation. Another reason Eurostar is such a success is the relatively low fares to Brussels and Paris, helped by the low fee (about pounds 10 a head) charged by Eurotunnel for the undersea link. So even rail travellers feel the benefits of the financiers' misfortunes. Happy subsidised travels.Reuse content