Bond investors not going down the Tube

A Treasury announcement that it intends to underpin a huge swathe of the £4.5 billion PPP debt has been given a lukewarm reception by bond investors still reeling from the Railtrack debacle.

The UK government is to guarantee practically all of the £4.5 billion that the two private sector consortia awarded the contracts to maintain London Underground’s tracks are intending to borrow. The announcement has prompted accusations that the move makes a mockery of the government’s desire to transfer the risk from the taxpayer to the private sector.

The consortia were awarded the contracts by the Department of Transport in May last year. A spokesperson for the UK Treasury, which was involved

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