In the News - London Underground
Taxpayers pay £2bn for failed London Underground PPP
The failure of the public private partnership between Metronet and the London Underground has lead to UK taxpayers picking up the bill for approximately £2 billion. Metronet was the company responsible for the £17 billion tube network upgrade, however it went into administration in July last year. The Department of Transport agreed to limit the liability of the private backers in Metronet leaving the liability for Transport for London. The government agreed to pick up the bill because Transport for London need the £2 billion to take over Metronet's network upgrade work.
(Sources: Guardian Unlimited Times Online Telegraph.co.uk)
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07-Feb-2008 09:06:52
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