Response to Transport Select Committee Tube PPP reportJanuary 25, 2008
In response to the Transport Select Committee report on the Tube Public-Private Partnership (PPP) Agreements, Baroness Jo Valentine, Chief Executive of London First, said:
“The Tube PPP has not failed. Tube Lines is still doing the job it was contracted to do. And because Metronet wasn’t doing its job effectively, its shareholders have lost hundreds of millions. Before PPP, this underperformance and overspend may have gone unnoticed for years. Surely, Mrs Dunwoody and her colleagues have no nostalgia for the 70 years of underinvestment, declining passenger service and increasing taxpayers’ subsidy which preceded PPP?
“It’s clear that whatever the situation, the private sector has to be involved to deliver the Tube modernisation that passengers need and deserve. It is the biggest infrastructure programme in Western Europe.”
– ENDS –
Notes to Editors
London First is a business membership organisation whose mission is to make London the best city in the world in which to do business. London First undertakes this by mobilising the experience, expertise and enthusiasm of the private sector to develop practical solutions to the challenges facing London. London First also seeks to persuade central and London government to make the investments that London needs in its infrastructure
London First delivers its activities with the support of 300 of the capital’s major businesses in key sectors such as finance, professional services, property, ICT, creative industries, hospitality and retail. Membership also includes all of London’s higher education institutions as well as further education colleges and NHS hospital trusts. London First members represent 26% of London’s GDP.