BURNT OFFERING

This article reveals the secret battles that developer Canary Wharf had with London Regional Transport about the funding of the Jubilee Line Extension from Central London to Docklands. This story has lessons for anyone attempting to create a public-private partnership. Government is severely constrained while negotiating agreements with private partners, and ministers find it almost impossible to behave commercially, even when inclined to do so. Long delays and missed opportunities can result from conflicting agendas of ministers, government departments and nationalised industries. Even if private investors take only a minor share in project funding and risks, this is still a valuable indication that a scheme is valid and brings real value. In Summer 1988, Olympia & York made a firm proposal to build a deep tube line from Waterloo to Canary Wharf, with possible extensions in either direction. Government officials, who were 'captive' to London Transport (LT) experts, reluctantly declined this offer. After much further argument, the Government eventually agreed to give LT the money to proceed with the Jubilee Line Extension via Waterloo, as long as the private sector advanced the first 100 million pound instalment.

  • Availability:
  • Corporate Authors:

    Thomas Telford Limited

    London,   United Kingdom 
  • Authors:
    • SCHABAS, M
  • Publication Date: 1994-3-10

Language

  • English

Media Info

  • Pagination: p. 16-8
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00668070
  • Record Type: Publication
  • Source Agency: Transport Research Laboratory
  • Files: ITRD
  • Created Date: Nov 2 1994 12:00AM