The European Commission has approved a one-time £5.169bn aid for London and Continental Railways (LCR) to help it reduce the track access charges on the rail link between London and the Channel Tunnel.

The fund will reorganise LCR’s infrastructure financing by clearing all of the company’s liabilities and removing the various long-term guarantees in return, consolidating them into a single entity.

It will also restructure the subsidiary of LCR, Eurostar (UK) Ltd, by recapitalising the company to allow fleet replacement.