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Final winding up of London Undergrounda s PPP maintenance agreements signals end of perhaps the biggest and disappointingly underreported transport fiasco of our time. The idea that risk can be fully transferred from the public to the private sector is fun damentally flawed. The NAO in a 2004 report on the London Underground deal was unable to say whether it offered value for money because it was just too complex.
Final winding up of London Undergrounda s PPP maintenance agreements signals end of perhaps the biggest and disappointingly underreported transport fiasco of our time. The idea that risk can be fully transferred from the public to the private sector is fun damentally flawed. The NAO in a 2004 report on the London Underground deal was unable to say whether it offered value for money because it was just too complex.
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Final winding up of London Undergrounda s PPP maintenance agreements signals end of perhaps the biggest and disappointingly underreported transport fiasco of our time. The idea that risk can be fully transferred from the public to the private sector is fun damentally flawed. The NAO in a 2004 report on the London Underground deal was unable to say whether it offered value for money because it was just too complex.
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The final winding up of London Undergroundâ s PPP maintenance agreements signals th
e end of perhaps the biggest and disappointingly underreported transport fiasco of our time. Its demise on the 7 May was certainly a good day to bury bad news f rom both Labour and Conservative perspectives. Transport for London (TfL) was established in 2000 but control over the London U nderground was not transferred to it until 2003. In the interim £455m (accordin g to the NAO) was spent on setting up a 30-year PPP contract whereby three infra structure companies (infracos) were to take over responsibility for the maintena nce and renewal of London Undergroundâ s rolling stock, stations, tracks, tunnels a nd signals. This was the brainchild of The Treasury and Gordon Brown, the then C hancellor, who foisted the unwanted contract on TfL and the then Mayor Ken Livin gstone despite legal challenges. Under the contract the Metronet consortium won two of the concessions and Tube L ines the third. It was not long before Metronet went into Administration, in Jul y 2007, as costs spiralled out of control. The cost to the taxpayer of its demis e is estimated at £2bn. There then followed heated debates on the cost of works to be undertaken between Tube Lines and London Underground which appeals to the independent arbitrator failed to fully resolve. Eventually to bring the unhappy saga to an end TfL bought Tube Lines for £310m and at last it is free of a con tract that few understood. PPP was a Conservative invention which the Labour Government continued with grea t enthusiasm. It was a classic case of taking an inherently simple idea and appl ying it to more and more complex situations without fully understanding its limi tations. The NAO, in a 2004 report on the London Underground deal was unable to say whether it offered value for money because it was just too complex. The idea that risk can be fully transferred from the public to the private sector is fun damentally flawed. The private sector is able to limit its liabilities and walk away from a loss making contract. The taxpayer is unable to do so. PPP saw a Labour Government privatise the maintenance of the Underground and a C onservative Mayor finally renationalise it. The taxpayer has been saddled with a lmost £3bn worth of costs with nothing to show for it. Well thatâ s not true we go t slightly cleaner stations and a bit of paint splashed around as those were the quick wins that gave the infracos the best return for the smallest outlay. The biggest scandal is that no politician has been held to account for the disaster and as usual the only winners are the lawyers. See Colin Buchanan blog at http://colinbuchanan.wordpress.com/
Receipts and Payments of Christ Nagar Residents' Association (CNRA), Christ Nagar, Neyyattinkara, Trivandrum, Kerala, India For The Year Ended 31st March, 2015