E&Y gives green light for Tube PPP
London Transport has given the go-ahead for the controversial part-privatisation of the Tube, a move backed by a report from Ernst & Young.
The decision was made following a value for money assessment of the bids from Metronet and TubeLines, the two consortia seeking to rejuvenate the ailing London Underground system.
E&Y’s report, commissioned by Transport secretary Stephen Byers, concluded that LT’s recommendation to push ahead with the public private partnership was a ‘subjective one’ but was supported by its analysis.
Byers, however, admitted the plans would not go ahead if the contracts failed to satisfy the Health and Safety Executive.