‘Groundbreaking' scheme that could cut train fares between UK and Europe unveiled
London St Pancras Highspeed (LSPH) – the owner and operator of the railway and stations between London to the Channel Tunnel – has said it will introduce significant cuts for operators planning new routes.
The new initiative will see cuts of up to 50 per cent off charges paid by operators in their first year of new services.
Track access charges could also be reduced if the high-speed line was used more fully.
At present, Eurostar is the sole existing operator between the UK and Europe, although the Virgin Group is poised to announce new services expected to rival this.
Last month, the company shared details of an ambitious £700 million fundraising project that aims to connect London with Paris, Brussels and Amsterdam.
On Monday, Virgin said there existed 'no more major hurdles' after the Office of Rail and Road (ORR) confirmed the potential availability of capacity at Eurostar's Temple Mills maintenance depot in London, something which had previously been a major obstacle for competitors.
Other operational competitors include British startup Gemini Trains and the Spanish company Evolyn.
LSPH, formerly known as HS1 Ltd, said the 'significant financial incentives' would cut costs for all and any additional international services, but particularly for those calling at different stations or introducing new trains.
Robert Sinclair, chief executive of LSPH, said the incentive scheme, which is set to take effect from the end of May, was a 'groundbreaking proposal'.
'We are enabling operators to expand their services, increase the network of destinations they serve and invest in new rolling stock,' he said.
'Our ambition is to make rail the preferred mode of travel to Europe, and we know that high-speed rail can reduce carbon emissions by up to 96 per cent compared with flying.'
When asked whether Eurostar passengers could look forward to reduced fares in future, a spokesperson told The Independent that such incentives 'give us the financial headroom to make critical investments to enhance the customer experience'.
sustainable international travel and support our plans to run more services.
'Our ambitions are why we're also investing in key international stations like St Pancras and the Temple Mills depot to create more space. We will now study the draft in detail and take part in HS1's consultation on growing cross-channel rail.'
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