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Dept of Transport

Answer

Mr. Tracey: To ask the Secretary of State for Transport what financial objectives he has set for London Transport.[26918] Mr. Norris: I have written to Peter Ford, chairman of LT, to set new medium-term financial objectives for LT to achieve in 1998-99. These replace the objectives which came to an end on 31 March 1996. The package of new objectives sets challenging but achievable targets for the continued improvement in LT's financial performance and efficiency. The objectives are as follows: _________________________________________________________________________________________________. All figures are at 1995-96 prices Objective Cost per train kilometre{1} Not more than £9.45 LUL gross margin{2} At least £285 million Bus subsidy per kilometre{3} Not more than 6.0 pence LT Buses gross loss{4} Not more than £20 million Group services etc.{5} gross loss Not more than £21.5 million Dial-a-Ride costs per trip Not more than £9.40 Property rental income growth To be at least as good as the average shown by the IPD index (6) on three-year following basis _________________________________________________________________________________________________. {1} Costs per operated train kilometre to exclude depreciation, renewals, restructuring and PFI costs. {2} LUL gross margin before depreciation, renewals, restructuring and PFI costs. {3} Net subsidy per operated bus kilometre before depreciation, renewals, restructuring and PFI costs. {4} LT Buses gross loss before depreciation, renewal, restructuring, and PFI costs. {5} LT Group Services, plus Victoria coach station, unit for disabled passengers, PASS and LT museum. {6} IPD is the Investment Property Databank index.

Secondary information

Type

Written question

Reference

26918; 276 c152-3W;276 c154W

Session

1995-96

Subjects

London Regional Transport Financial targets

Contains statistics

Yes