§ Simon HughesTo ask the Secretary of State for Transport what powers Transport for London has(a) to undertake prudential borrowing, (b) to raise finance on the financial markets and (c) to issue bonds. [139995]
§ Mr. McNultyThe new prudential borrowing system starts on 1 April 2004. Transport for London is among the local authorities that will then have power to borrow without Government consent, provided that the debt is affordable. Authorities will, as now, be free to raise finance by a variety of means, including borrowing on the financial markets and issuing instruments such as bonds, as well as borrowing from the Government through the Public Works Loan Board.