RMT Responds to Report on Eurostar Rip-Off

RMT Responds to Report on Eurostar Rip-Off

6 November 2015

RMT Press Office

RMT responds to this morning's Audit Office report on the Great Eurostar Rip-Off

General Secretary Mick Cash said:

“However you dress it up the fire sale of the UK’s Eurostar stake before the election has cost the taxpayer billions in wasted investment and lost future profits. The total British public investment in Eurostar racks up at £3 billion and yet we got back just £757 million for our stake and that is a gross rip-off by anyone’s standards.

With another £62 billion of our public assets set to be flogged off under this Government the Eurostar fiasco paints a grim picture of profiteering and bargain basement deals that rob the British people blind. Our family silver is being unloaded by the Tories to their friends and backers in the City at knock-down prices in a process driven by a combination of stupidity, greed and Thatcherite ideology.”

Quote from NAO release below:
“However, the total taxpayer investment in Eurostar, prior to its incorporation, is significantly greater than the proceeds generated from this sale. Taxpayer spending on the HS1 project, of which Eurostar cross-channel train service is one part, was over £8 billion. The NAO estimates that UK taxpayers' financial investment directly related to the Eurostar train service amounts to approximately £3 billion.”

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Tagged with: Eurostar, Audit Office