Metronet, the failed London Underground maintenance firm, will receive £1.4bn of taxpayers' money in its first year under public ownership.

The cornerstone of Gordon Brown's controversial public-private partnership program will become a state-owned entity when it is taken over by Transport for London. TfL, the transport authority controlled by the London mayor, Boris Johnson, said it would invest £27m a day in Metronet over the next 12 months.
The mayor said: ""With Metronet now out of administration and under the control of TfL we can ensure the crucial upgrade work is continued and delivered on time, while representing good value.""
Despite the investment pledge, fears of a multi-billion pound funding gap hang over Metronet and the entire tube refurbishment program.
Under the terms of the PPP, Metronet's five shareholders were supposed to take on the commercial risk of completing a huge tube upgrade on time and on budget. Its investors lost £350m when the company went over budget and into administration, and the government stepped in with a £2bn check.
This month the head of TfL, Peter Hendy, said the organization did not know whether it had enough funds to cover the next phase of the tube upgrade. TfL is expected to confirm whether it has the money by the autumn.
(Source: Guardian)