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<p>The Network North paper published by the Department for Transport on 4 October
2023 sets out that private finance will be leveraged to ensure contributions to the
cost of Euston from those people and businesses it supports. The opportunity for regeneration
and new homes in the Euston area is one of the largest in central London. This development-led
approach will bring in private finance, along with a reduction of the transport scope
to deliver only what is required at Euston. This will reduce the costs to the taxpayer.
We are also taking on the lessons of success stories such as Battersea Power Station
and Nine Elms, which secured £9 billion of private sector investment. The exact design
of the model to be used, how it is taken to market, as well as how and where the alternative
funding generated by this will be spent, is commercially sensitive and still subject
to further work to ensure we are optimising funding and delivery. Ministers and officials
have held positive initial conversations with potential funders. There will be a range
of options within this that are still being considered and will require more time
to develop before a final proposal is determined.</p>
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