You mentioned to us about the charge that I might be leading on the TfL budget, but one of the problems you have is that you have not properly valued the extra income that you are going to get from the buses and from the Congestion Charge, which will allow and permit this investment in London's transport systems. I am very concerned about two items. One is the advice that TfL are unable to put a value on the free Travelcards that they give to staff, former staff and contractors.
The other question is a very good question that John Biggs asked at a Budget Committee, where he expressed scepticism of the benefits of the financial discipline that the markets bring when at the same time you paid 0.28% more than was available at the Public Works Loans Board. What is your opinion on what is appropriate? If you were to borrow all that money at that kind of premium through the markets rather than the Public Works Loans Board itself, that would be a cost over 20 years, and not taking account of discounting the value on the present day, of about £120 million. Yet you think that the board has made the right decision to pay that kind of premium to go to the market.