Railtrack has signed heads of agreement to buy London Underground’s (LU) sub-surface lines.
The rail company has until March 2000 to obtain funding for the £2.5bn upgrade to the Circle, District and Metropolitan lines. Railtrack will have to approach the City for some of this.
Growing opposition to part-privatisation of the tube means LU’s other deeper lines may remain in public ownership.
Financial Times 15/10/99 page 1, page 4 and page 23 (Observer)
The Times 15/10/99 page 35 (Commentary)
