Cable Tackles Brown over Tube Financial Collapse

3.21.18pm BST (GMT +0100) Wed 25th Jul 2007

Vincent Cable MP tackled the Prime Minister, Gordon Brown, last week in Prime Minister's Questions over his personal responsibility for the financial fiasco over the London Underground Private Partnership, which led to the collapse of the main company involved, Metronet (a consortium which includes Thames Water). The company has gone into administration leaving massive loans, 95% are underwritten by London Transport, and great uncertainty over the programme of modernisation and investment.

Vincent Cable said: "A lot of borough residents depend on the underground to get to work and around London. A lot of others will be concerned that as tax payers they may have to pick up the tab for financial failure. Gordon Brown has direct personal responsibility for the mess. Instead of allowing London Transport to manage the project, Gordon Brown insisted on personally overseeing an enormously expensive partnership with commercial interests which has failed and has left all the risks with the tax payer."