§ Baroness Hamwee
asked Her Majesty's Government:
In the light of the High Court decision to place Railtrack plc into administration and to replace it with a not-for-profit company with powers to raise money for investment from debt markets, they will consider using a similar model to fund their investment programme for the London Underground. [HL870]
§ Lord Falconer of Thoroton
The Government considered all of the options for the future of the Tube prior to the Deputy Prime Minister's announcement of the way forward in March 1998, including the possibility of a not-for-profit private sector trust.
Public sector London Underground will continue to be responsible for running the railway. The operation of track, signals, trains and stations will remain in public hands. The public sector will also be responsible for managing the contracts to maintain and improve the Tube. London Underground is a not-for-profit organisation.
We believe that our modernisation plans are the best way forward for London Underground. They will provide the massive long-term investment the Underground needs to deliver a 21st century service. There will be more than £13 billion for investment and maintenance over 15 years, providing significant improvements in the quality, capacity and reliability of the Tube.