§ Mr. MitchellTo ask the Secretary of State for the Environment, Transport and the Regions if he will list the sources of(a) borrowed funds and (b) capital funds for the extension of the Jubilee Line; what sums relate to agreements with private developers entered into as part of the initial construction agreements; and what parts of such borrowing (i) count and (ii) do not count against the 98W borrowing ceilings for public fund investment required in respect of the convergence criteria for entering the third stage of Economic and Monetary Union. [33236]
§ Ms Glenda JacksonSome £2 billion of the total cost of the Jubilee Line Extension is being directly funded by ring-fenced Government grant, of which over £400 million is being provided by private sector contributions. In excess of £100 million of the private sector contributions has already been received; the balance will be paid in stages over a 25 year period. Remaining costs will be met from London Transport's core resources (which include substantial Government grant).
The general government financial deficit (GGFD) used under the Maastricht Treaty's excessive deficits procedure includes central Government grants to public corporations. It does not include borrowing undertaken by public corporations, which are outside of general government. However, as noted above, the JLE is not being financed by any such borrowing.