His wife has been told that she will require a transplant and Sir Alastair is believed to be on the waiting list.

Sir Alastair's view that shareholders could be shielded from the debt refinancing was dismissed by some analysts as a negotiating posture.

But Sir Alastair said he remained optimistic.

Sir Alastair said: 'I won't disappear completely, but I've no desire to rush back into a project of such a scale.'

Sir Alastair readily accepted, at the same time borrowing the money for a new tall hat, his only one having come to grief a few nights earlier.

Sir Alastair, like Sir Bedivere, watched him out of sight.

Sir Alastair predicted that the operating results of the tunnel, which are now covering daily operational costs, should help it in negotiations with bankers.

"You cannot sell a hole in the ground for much if you've closed it," Sir Alastair said.

"We are building up nicely, but the revenues are not," Sir Alastair said.

This pussyfooting has to stop if you are going to get anywhere at all with Sir Alastair's excellent prospectus for the next 12 months.