• Question by: Roger Evans
• Meeting date: 17 November 2004

They were making promises they did not understand.

• Question by: Roger Evans
• Meeting date: 17 November 2004

I think Londoners will welcome your promise that you are going to build the East London Line by 2010, but we have to see that in the context of the statement that you made that it was at the bottom of the SRA's list in the past, and yet the Labour Party Manifesto, which you promoted in 2001, said that it would be built by 2006, so according to them it was near the top of the list. What is it that makes you believable, when obviously we could not believe Stephen Byers (MP) on this?

• Question by: Lynne Featherstone
• Meeting date: 17 November 2004

Yes, the Liberal Democrats are pro-bond. What came up at committee was the real fear of - and what I worry about with TfL is - the slippage, the risk, and the underwriting. That is the real difficulty; it is perhaps the confidence one has, having watched projects, having watched what is happening, say, on the slippage in the private contractors that you are meant to be controlling under the PPP. Actually, if it goes wrong beyond the £270,000, then what? The risks are huge here.

• Question by: Lynne Featherstone
• Meeting date: 17 November 2004

No, no, I want it all to go right.

• Question by: Lynne Featherstone
• Meeting date: 17 November 2004

Then why do you need to pay £270,000 to discover it?

• Question by: Lynne Featherstone
• Meeting date: 17 November 2004

I expect they are prepared to sustain it, because they are going to charge you £270,000 per £100 million. When he came to Transport Committee, Jay Walder (Managing Director of Finance and Planning, TfL) said that borrowing from the markets will instil financial discipline in TfL, so do you believe that TfL does not actually have the financial discipline?

• Question by: Lynne Featherstone
• Meeting date: 17 November 2004

Okay, so they reaffirmed their AA rating, at the moment, anyway, but they have said that you have to deliver a plan which 'closes previously projected gaps and demonstrated its capacity to deal with projected increase in debt.' How did you demonstrate your gaps had been closed? Did you cut projects, or what did you do?

• Question by: Lynne Featherstone
• Meeting date: 17 November 2004

In the five-year investment in the borrowing that you have raised, I wanted to know something about your dealings with the credit agencies and why did you decide to meet Standard and Poor's and Fitch. with the repayments they are going to charge you are going to cost £270,000 extra per million of borrowing than it would if you went to the Public Works Loan Board (PWLB).

• Question by: Jennette Arnold OBE
• Meeting date: 17 November 2004

My last question relates to your reading. Did you read about the Cutty Sark Trust, the launch of their campaign, and the need for them to' He said he was reading, and so I want to know in his reading pile, did he also read about the Cutty Sark Trust, who have unveiled their plans and really are in need of his support, I believe, so that they can raise the amount of money that is required to save this national heritage.

• Question by: Jennette Arnold OBE
• Meeting date: 17 November 2004

Then you talked about, clearly, the other big event which has taken place in the last seven days, and that is the (Olympic) bid submission. Again, we have some outstanding concerns about the images that have been used so far. Can you use your influence to ensure that we actually see a much more rounded view of London? We should be seeing more images relating to the environmental impact. We should be able to see more images of the area that is going to be the Olympic site. Can you ensure that that happens, because at the moment all we...