Services will switch from Waterloo overnight on November 14, 2007, with trains using a new 186mph high-speed line to Brussels and Paris.

Journey times will be cut by an average 25 minutes, bringing down travel times to Paris to 2 hours 15 minutes and Brussels to 1 hour 51 minutes. Trains stopping at Lille will take 1 hour 20 minutes.

But passengers are likely to have to pay more for their tickets. Eurostar chief executive Richard Brown said today that he expected there would be “some modest increases in average fares” although it would not be a dramatic increase. Eurostar return fares at present range from £59 to £430.

Work on the stunning roof of St Pancras has been virtually completed, while other work will be completed next summer. The station’s architects said they drew inspiration from other landmark mass transit buildings especially New York. “Much like New York’s Grand Central Station, people will want to go there, even if they’re not catching a train,” said Stephen Jordan, director of London and Continental Stations and Properties.

Built in 1868 by railway engineer William Barlow, St Pancras will become a European showpiece as the new 21st century station is built within its Victorian shell, added Jordan, who said the aim was to restore its 19th century grandeur and remake it a“cathedral of transport” in a state-of-the-art setting of shops, bars and restaurants.

The station, he said, will feature the longest champagne bar in Europe where customers will catch stunning views of hi-tech trains departing and arriving with the Victorian facade and tower as a backdrop

Eurostar bosses today also emphasised their green credentials, which in the current climate is bound to benefit from more travellers switching from planes - particularly passengers in the north who can catch connecting services into St Pancras or neighbouring stations Kings Cross and Euston. An estimated 44 m people a year will pass through St Pancras.

The new track, dubbed High Speed 1, is also expected to increase punctuality to more than 90 per cent. Richard Brown, chief executive of Eurostar, said today: "This move will be the most significant event in Eurostar's history since we started running passenger services 12 years ago today.

"It will mark the start of a new era in travel between the UK and mainland Europe, making high-speed rail an even faster, more reliable and less environmentally damaging alternative to flying.

"St Pancras International will be a stunning, newly restored station in the heart of London, with connections fanning out across the country that will make Eurostar accessible to millions of new travellers. We will be competing head on with regional airports, with comparable city centre-to-city centre journey times, much greater frequencies, and highly affordable through fares."

Independent research commissioned by Eurostar has shown that flying between London and Paris or Brussels generates ten times more carbon dioxide emissions than taking Eurostar. A return flight produces enough CO2 to fill a double-decker bus, while a return rail trip generates only enough CO2 to fill a Mini."

The growing appeal and practicality of rail will encourage travellers to use Eurostar to connect onto Europe's high-speed rail network, which by 2008 will slash journey times between London and cities such as Amsterdam, Cologne and Strasbourg by between 20-30 per cent.

The international terminal at Waterloo will be returned to the Government, which has promised to re-use the platforms to reduce congestion for domestic commuter trains - but only after a campaign to turn the platforms over to shopping.

Eurostar will also be launching services from Ebbsfleet International, a new station just off junction 2 of the M25, close to the Bluewater shopping centre near Dartford in Kent. Journey times to Paris and Brussels will be 10 minutes quicker still than from St Pancras International.

Ebbsfleet International serves a catchment of more than 10 million people, and will be attractive to some existing Eurostar travellers from south of London and new customers from north of the capital who may currently fly to continental Europe. Ebbsfleet International along with Eurostar' existing station at Ashford International will complement each other and combined they will provide an extra 45% more services from Kent.

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