The new clause is extremely sensible, for the reasons that have been set out. It may well also assist TfL as I suspect that, despite my hon. Friend’s confidence, TfL probably does not know where some of its assets are. In my experience, it certainly does not know their value, and that is the cause of mistakes in how it disposes of property. Notwithstanding the fact that I have put my name to the new clause, I would quarrel with the reference to commencement within the next 12 months. In some instances—I shall expand on this point if I have the opportunity to do so—development is planned and proposed but for operational or other reasons the plans are made several years ahead.
5.45 pm