Metronet blamed for loss of up to £410m of taxpayer cash

Metronet, the private company responsible for the maintenance and upgrade of sections of London Underground, could be responsible for the loss of up to £410m of taxpayers' money, according to the National Audit Office.

In a report, the NAO estimated a loss to the taxpayer of between £170m and £410m, owing to upgrades. It also highlighting the impact on passengers of all the improvements that were promised not being completed in the original timescales.

The auditor general said: “The Metronet PPP contracts to upgrade the Tube left the Department for Transport without effective means of protecting the taxpayer. Metronet's failure led to a direct loss to the taxpayer of between £170m and £410m. The Department for Transport's work with the mayor of London, Transport for London and London Underground on a long term solution will need to improve governance and risk management in the new arrangements they are intending to put in place to protect the taxpayer.”