Archived press release
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GOVERNMENT URGED TO SUSPEND NEWBURY BYPASS
26 June 1996
Charles Secrett, Executive Director of Friends of the Earth today urged the Transport Secretary, Sir George Young, to halt construction of the Newbury Bypass following the suspension of trading in shares of the Costain Group plc, after its share price halved in the last twenty four hours[1].
Mr Secrett urged Sir George not to pay the 18 million pounds of public money promised to the "lame duck" construction company as it may not be able to fulfil its contractual obligations, due to financial difficulties [2].Instead, he said, the Transport Secretary should use the occasion of Costain's difficulties to reconsider the proposed bypass and invest instead in the known traffic management alternatives [3].
ENDS
NOTE TO EDITORS:
[1] Mr Charles Secrett wrote to the Transport Secretary, Sir George Young, after the Costain Group PLC, who are building the Newbury Bypass, announced that it had asked the London Stock Exchange to suspend trading in its ordinary shares, pending the announcement of its preliminary results. Costain Group shares fell five pence yesterday to 70p each, but plummeted this morning to 39p (Information from Costain Group PLC). A copy of the letter is attached.
[2] The Department of Transport announced on 6 June, 1996 that it had appointed the Costain Group PLC to construct the 100 million Newbury Bypass. However it is believed to have limited payments this year to 18 million (Contract Journal - 14 March).
[3] In October 1995, Friends of the Earth commissioned the Metropolitan Transport Research Unit to look at alternatives to the bypass, which wrecks six nationally important conservation areas. MTRU recommended implementation of a suite of less expensive demand management measures rather than construction of the bypass.
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Published by Friends of the Earth Trust
Last modified: Sep 2008
