The PPP/PFI Scam



Metronet calls in administrators

Metronet, the firm which maintains the bulk of the London Underground network, has called in the administrators amid serious financial problems.

Responsible for the upkeep of nine Tube lines, including the Bakerloo, Victoria and Central, Metronet was hired under a private-public financing initiative.

Following a cost over-run, Metronet said it was no longer able to meet its obligations without additional money.

Public-Private Partnerships are total scam, time and time again they have shown to not deliver what they promise, go overbudget and end up making its bosses very rich, not to mention their close relations with the government.

Londoners didn't want this for the tube but Brown, when he was Chancellor and his department pushed it through regardless (they didn't want to trust Mayor Ken Livingstone with it), they drew up a complicated contract (Brown does seem to enjoy creating byzantine policies) and those who warned against it have been proven correct.

Apparently they spent £5 million just drawing up the contracts, I mean bloody hell, all that money just for a piece of paper.

When PPP/PFI messes up, the taxpayers end up footing the bill. Its one huge swindle.