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Metronet

Volume 470: debated on Tuesday 15 January 2008

To ask the Secretary of State for Transport what the cost has been of running Metronet since it went into administration. (176782)

In addition to their infrastructure service charge payments, the Metronet companies receive money to cover their operating deficit. The public-private partnership administrator stated in September that the net operating deficit of Metronet while in administration was £14.4 million per week, a projection of £345.5 million for six months of administration. This net operating deficit is funded by a loan provided by Transport for London.

Much of the funding for the net operating deficit simply replaces planned Metronet borrowing which would, in due course, itself have been reflected in public accounts.