Tube PPP scheme has already cost £500m
The costs of setting up the public-private financing scheme for the London Underground has so far cost £500m of UK taxpayers money, according to the government.
The sum, which covers fees for technical consultants, lawyers, financial advisers and officials working on the project, is a large increase on the figure of £100m-£130m previously mentioned by officials.
The amount covers what has been spent by the Department of Transport, London Underground and private bidding companies, but omits sums outlayed by the London mayor’s agency, Transport for London, which has run up legal costs as it challenges the scheme.
Current estimates of the total cost of the public-private partnership could total up to £11bn.