TfL has lodged a formal Expression of Interest with the PPP Administrator of the two Metronet companies, BCV and SSL, in order that it may take control of the companies on a temporary basis:
Transport for London believes it is in the best interests of all parties for an exit from Administration as quickly as possible. This is the best way to maintain the continued safe operation of the Tube network and to mitigate the performance and cost risks that inevitably come with such a situation.
While under Transport for London’s control, Metronet’s Public Private Partnership and subsidiary contracts would be restructured so that they better meet Transport for London’s investment priorities – namely track, train and signalling upgrades to enhance capacity, along with station security and communications improvements.
The FT's spin on this move is that "the move would unwind one of Gordon Brown’s flagship policies. The collapse of Metronet was embarrassing for the former chancellor who backed the establishment of the public private partnership against stiff opposition from TfL and Ken Livingstone, London’s mayor."
Meanwhile, the Telegraph notes that Balfour Beatty, one of the five partners in Metronet, still looks like a good buy for the future.
London Mayor Bid
Conservative Home reports that in a poll of London Conservative members, Boris Johnson appears to win the nomination to stand as candidate for Mayor by a landslide.
As more polls take place, and the Lib Dems select their candidate, LondonUnlocked will report further on the race.