London buses to be privatised next year
Saturday 05 December 1992
Under the plan, revealed in a written answer from Steven Norris, transport minister for London, the 11 subsidiaries of London Buses, which operates the capital's 600 routes, will be offered to the private sector from the end of next year, probably in batches.
Passengers are unlikely to notice any immediate change. The privatised companies will be under an obligation to continue to provide the same services as London Transport until deregulation, which is not expected for at least another three years. Most of the companies are likely to be bought by management teams from existing subsidiaries.
The announcement leaves two big questions unanswered - the fate of 53 garages and bases owned by LT, many in prime sites, and the form in which deregulation will take place. Some LT managers hope that property will be kept separate from the sale in order to deter asset strippers.
It is impossible to know how much the subsidiaries, which currently have a turnover of pounds 367m, including a subsidy of pounds 132m, are worth until the extent of deregulation is known. A prime asset is the routes and if there is free competition then the value of the subsidiaries may well be low.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Is this bridge haunted by the ghost of nu rave?
- 3 Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Is this bridge haunted by the ghost of nu rave?
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Saudi Arabia says it won't rule out building nuclear weapons
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
The West has it totally wrong on Lee Kuan Yew
Revealed: Putin's army of pro-Kremlin bloggers
£6 per hour: Recruitment Genius: This is an exciting opportunity to join a gro...
Negotiable: Recruitment Genius: A Service Delivery Manager is required to join...
£12000 - £24000 per annum: Recruitment Genius: A opportunity has arisen for a ...
£32000 - £38000 per annum: Ashdown Group: A successful accountancy practice in...