§ Mr. Andrew SmithTo ask the Secretary of State for Transport what proportion of the privatisation proceeds for London underground will be available for use by(a) his Department and (b) the Treasury. [19890]
§ Mr. BowisReceipts from privatisation will be recycled in order to ensure that the modernisation of the underground's infrastructure is completed as quickly as possible. The majority of any remaining surplus will be channelled into additional support for London underground or for other transport projects. The remainder will go to the Exchequer. Exact proportions cannot sensibly be estimated at this early stage.