Cost overruns mean London may suck up benefits of HS2 and short-change the north, Lords warn May 16, 2019 London risks reaping all the rewards from HS2, leaving the north "short-changed", a stinging House of Lords report has warned today. The costs of the £56bn railway "do not appear to be under control" and the government must find ways to reduce them so that the second phase of the railway, based in the north, definitely gets built, [...]
Labour plans to nationalise power grid would delay green transition, firms say May 15, 2019 The businesses which supply power to British homes have hit out at Labour after it revealed plans to bring the electricity grid back into public hands. National Grid, which has run the networks since privatisation in 1990, today took aim at the party’s ambitions, saying its business was creating a framework to help Britain reduce its [...]
Crossrail is paying drivers £13m a year to practise while they wait for Elizabeth Line to open May 15, 2019 Crossrail is spending nearly £13m a year on drivers who are spending their time practising as they wait for the delayed railway to open in two years' time. Read more: Crossrail bosses blasted for 'driving up costs' on London's £17.6bn project The numbers were revealed after Gareth Bacon, the Tory leader in the London Assembly, asked [...]
Trainline owner mulls £1bn sale as IPO plans build up head of steam May 15, 2019 The owner of ticketing firm Trainline is reportedly exploring a sale of the company alongside plans for a £1bn stock market listing. Read more: UK's biggest travel booking app Trainline considers £1bn flotation US investment giant KKR, which has owned Trainline since 2015, has approached a number of private equity groups to gauge interest in [...]
Stobart names new chairman after boardroom battle with former chief Andrew Tinkler May 15, 2019 Stobart has chosen a new chairman to succeed the incumbent Iain Ferguson, who was at the centre of a boardroom battle last year with former chief Andrew Tinkler. The aviation and energy giant has announced that David Shearer, a former senior partner at Deloitte in Scotland and Northern Ireland, will join the Stobart board as a [...]
Tui losses widen as grounded Boeing planes weigh on travel operator May 15, 2019 Tensions on the Mexican border helped widen losses at tour operator Tui as US customers lost interest in travelling to their southern neighbour. The company downgraded its guidance for the full year, after its Boeing 737 Max fleet was grounded. The figures Losses before income tax grew by 47.5 per cent in the first half [...]
Leaked document reveals Labour plan to nationalise UK energy network at below market value May 14, 2019 Labour leader Jeremy Corbyn has devised proposals to take control of the UK’s energy networks in a plan that industry groups said could increase bills and slow decarbonisation. A Labour party document reveals Corbyn’s plan to nationalise energy companies “immediately” following a general election win. Read more: World could face energy shortage as investment lags [...]
Union bosses suspend three-day Tube strike over FA Cup Final weekend May 14, 2019 Union bosses have called off a major Tube strike that was set to cause havoc during the FA Cup final this weekend. Read more: Commuter chaos: Severe delays strike four Tube lines The Rail, maritime and transport (RMT) union claimed victory today as it cancelled the London Underground strike, saying transport chiefs had caved in [...]
Underground misery strikes commuters as severe delays hit four Tube lines May 14, 2019 Severe delays hit four Tube lines this morning as signal failures brought commuters’ journeys into London grinding to a near standstill. Read more: Multiple Tube lines struck with severe delays Disruption plagued the Circle and Hammersmith & City lines after a signal failure at Farringdon this morning, with Transport for London (TfL) advising passengers that [...]
Vinci completes takeover of majority stake in Gatwick after £2.9bn deal May 14, 2019 French group Vinci Airports has completed its takeover of a majority stake in London’s Gatwick, it said this morning, making it the world’s second largest airport operator. The £2.9bn deal, which was announced in December, gives Vinci a 50.01 per cent stake in an airport used by 46m passengers every year. Read more: Gatwick sold [...]
