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Railhub Archive
2002-02-07 TfL-001
Transport for London


TfL response to Ernst & Young report and LT Board 'in principle' agreement to PPP

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Transport for London

TfL response to Ernst & Young report and LT Board 'in principle' agreement to PPP

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7 February 2002
source Transport for London
type Press release

Statement from Transport Commissioner Bob Kiley

"The Ernst & Young report released today hardly constitutes a ringing endorsement of the PPP.

"We continue to believe that TfL's plan is faster, safer and cheaper than the Government's part privatisation. The Government's assertion that the PPP would provide 25 per cent of the funding from the private sector and not the public, is hogwash. The public not only pays the bills, but they pay the extraordinary profits that are part and parcel of PPP.

"The Government claims PPP may mean £5000 of spending per household during the 30 years of PPP, but Londoners will pay this sum back many times over in fares and taxes. Money far better spent under my proposals. The bottom line is that the under the PPP experiment, taxpayers will pay more and receive far less than under the proven investment plan proposed by TfL and supported by the Mayor."

Mr Kiley continued:

"We have not received any of the legal documents on which the statutorily required consultation is based. The documents include the revised public sector comparator and the final and complete versions of the 135 contract documents. These are the real basis of the PPP. They contain the detail and terms that will legally bind London Underground, and its terms and conditions, for the next 30 years.
"During the twenty day consultation we will provide the LT Board, DTLR, and the public with an open and transparent critique of the PPP, taken from the contracts themselves.

"We will study this report, and the issues it addresses, in detail before commenting further."

Railhub Archive ::: 2002-02-07 TfL-001


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