Of course, all such talk was stopped dead by pre-election New Labour, afraid of old Labour imagery. Besides, they said, money must be spent on transport renewal, not on compensating shareholders. For some reason, they don't want it, though the longer they are in office, the more they take the blame anyway for anything that happens on the railway. Voters' memories are short, train delays long. Prudence would take back what is already paid for and put it in a trust, able to borrow money.
Train operators can fall back as their franchises expire.
Labour cannot do the same to London Underground. No, they say, it's quite different. Not different enough. The New York subway genius, Robert Kiley, a wise and astute politician, may find a third way face-saver to rescue both Labour and Ken Livingstone. But if Kiley walks away declaring the PPP unworkable, there will be no rescuing Labour.