An unprecedented multi-billion pound deal to secure the long-term financial
future of the Tube was agreed today.
The decision came as London Underground's governing body, the Board of London
Transport, voted unanimously to proceed with modernisation plans for the Tube.
This means that, for the first time, secure and sustained investment to improve
and maintain the infrastructure of the world's oldest underground railway is
now locked in for a generation.
London Transport's decision follows an extensive period of consultation with
the Mayor's Transport for London, resulting in changes and improvements sought
by TfL being taken on board in this process.
Contracts have now been signed between London Underground and the two consortia
- Metronet and Tube Lines Group - responsible for delivering improvements under
the PPP.
Over the next few weeks' clearance will be obtained from the competition authorities,
private finance will be raised and the successful bidders are set to start work
fixing the Tube in the summer.
In parallel, London Underground will continue to work closely with the Health
and Safety Executive to reach acceptance of its Safety Case for PPP - a critical
milestone that must be achieved before the work can begin.
London Underground's Managing Director, Paul Godier said: "The Tube has
today moved one vital step closer to the essential, long term funding it so
desperately needs.
"It has been a long hard slog to get where we are today. We are all working
flat out to make sure the final pieces of the jigsaw are in place so that work
can start - without any further delay - to deliver a world class Tube for a
world class city."
