Tube Lines Group says it will start to refurbish stations this year.
The private company took over part of London Underground (LU) on New Years day. LU expects the system to be handed over to Transport for London (TfL) this year. Tube Lines plans to spend £4.4bn by 2010 on improving the Northern, Piccadilly and Jubilee lines.
Tube Lines expects a 19% return on equity, far more than the average for running public services. This could see it earn at least £250m by 2009 – £80m more than previously thought. The consortium blamed London mayor Ken Livingstone for saddling taxpayers with an extra £31m of bid costs. TfL denied the charge.
Financial Times 09/01/03 page 2
The Guardian 09/01/03 page 20
The Times 09/01/03 page 2, page 28 (Need to know)
The Daily Telegraph 09/01/03 page 15, page 23
The Independent 09/01/03 page 18, page 19 (Outlook)
