The final cost of the upgrade to the Tube’s Jubilee Line soared to two and a half times the original estimate, London mayor Boris Johnson has said in a London Assembly question time session.
The original projected cost for the upgrade when Tube Lines’ public-private partnership (PPP) contract was signed at the end of 2002 was £285.3M, but the final cost has reached £721M, Johnson revealed.
London Assembly leader Caroline Pidgeon pointed out that the actual figure might be even more given that the £721M figure does not include the costs of compensation to developer Canary Wharf, bus fares as well as the lost fares.
However, Transport for London has said that the final cost vindicates its decision to cancel the PPP contract and bring the project under direct control of London Underground. Just over 85% of the total cost — £614M — was spent under the PPP arrangements and before Tube Lines’ work was transferred to TfL in the summer of 2010. Numerous deadlines, including the contractual deadline of end 2009, were missed and improvements promised to passengers were not delivered.