Wednesday 24 August 2005 4:10 pm
I am very concerned at the announcement by private Tube firm Metronet that it plans to cut 300 jobs. Metronet maintain the Victoria, Central, Bakerloo, District and Circle lines, including the vital routes through Finsbury Park, Highbury & Islington and Kings Cross.

The cuts, which can be made without London Underground's approval, come after Metronet announced pre-tax profits of £50 million - almost £1m a week. TfL's transport bosses have already conceded that performance is not good enough and is less than what was promised from the Public Private Partnership. Private partners like Metronet are earning vast sums of money through the PPP which simply don't match up with the level improvements actually being delivered.

This is yet another flaw in the Labour Government's unpopular PPP for the tube. This cumbersome and expensive scheme was supposed to outsource risk to the private sector. Instead the private companies are profiteering while locals and hard-pressed commuters alike have yet to see any benefit.

Liberal Democrats want to see any savings to result in more efficient tube maintenance, not even bigger profits for Metronet shareholders.