PRICE WATERHOUSE AND LONDON UNDERGROUND PPP

Motion Text

That this House notes the disclosure in the National Audit Office's recently published report on the London Underground PPP that Price Waterhouse, the financial adviser for the setting-up of the PPP, in October 1997 estimated the cost of reorganising London Underground and procuring the PPP at ú110 million, but that the actual cost just a couple of years later was ú180 million - ú170 million at 1999 values; and considers that Price Waterhouse who were paid ú21.4 million for their advice was grossly incompetent in its financial estimate.