The Tube will transfer [at 00.01 15th July 03] to the Mayor and Transport for London, the Transport Secretary Alistair Darling announced today.
Announcing the transfer Alistair Darling said:
"This is an important day for the Underground.
"£16 billion will be spent upgrading and maintaining the Tube over the next 15 years. The Public Private Partnership is a substantial programme to deliver a modern service that Londoners rightly expect and deserve. It is now for the Mayor and Transport for London to deliver this."
The Underground's Public Private Partnership will deliver around £8.5 billion on trains and signalling, nearly £4 billion on track and other infrastructure and more that £3.5 billion on stations. In the first seven years around £6 million will be spent for every working day.
Notes for editors:
1. Today the Secretary of State made a written statement Parliament. This is available on the DfT's web site. Transfer will take place on Tuesday 15 July 2003.
2. London Regional Transport will be wound up by order on Tuesday after all its property, rights and liabilities have been transferred to Transport for London. At the same time, London Regional Transport's role in safeguarding the Crossrail route will transfer to Cross London Rail Links Limited, a jointly owned subsidiary of Transport for London and the Strategic Rail Authority.
3. Under the PPP, two private consortia are responsible for maintaining and improving the Tube's infrastructure under contract to London Underground. The Tube Lines consortium began work on the Jubilee, Northern and Piccadilly lines on 31 December. The Metronet consortium started on the remaining lines on 4 April.
4. The consortia will be paid according to how well they perform and will operate under strict safety obligations. London Underground remains publicly owned and responsible for overall safety on the network.
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