The new chief executive of the company upgrading some of London’s busiest Underground lines has expressed frustration at the system’s public sector owners for starting a formal arbitration process over a dispute on future costs.
Dean Finch, of Tube Lines, said long-running negotiations over the company’s future costs had already produced formal agreements on cutting £1.5bn of costs on work over the next seven and a half years starting in July 2010.
Only about 10% of differences between the two sides remained unresolved, he said.
London Underground, the public sector company that funds the system and employs drivers, signallers and station staff, made a formal application for arbitration over its future costs yesterday.
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