This has not been our finest hour, as I tried to say in a point of order just 10 minutes or so ago. The hon. Member for Blackpool South (Mr Marsden) drew attention to the dog that did not bark in the form of the Minister, but there have been other dogs that have not barked or even turned up. In a short speech, that is the first point I should like to make.
I am not a London Member, but I am a user of London transport and I have been a resident of London for 35 years. My eye was caught by this item of business because of a strong point of view I have about Earls Court. I expected to come into a packed Chamber. I especially expected to come into a Chamber packed with London Members of Parliament, but they have been very thin on the ground, with the honourable exceptions of my hon. Friends the Members for Hayes and Harlington (John McDonnell) and for Islington North (Jeremy Corbyn) on either side of me, and the hon. Member for Hammersmith (Mr Slaughter) who unavoidably had to leave. That, however, has been the size of it. That is truly extraordinary given the importance of this measure.
This is, potentially, a grand theft auto Bill. It deals with 3,000 properties. I have no idea of their value because no figure has been published. Taking a rudimentary guess, I think TfL—about which more later—will have £3 billion, £4 billion or £5 billion of potentially disposable public assets, with almost no transparency or accountability, and no discussion or negotiation with other stakeholders.
By anyone’s standards, this is truly a remarkably important measure. It is more important even than I had thought before entering the Chamber. As I listened with horror to the narrative developed by my hon. Friend the Member for Hayes and Harlington, it took me back—your esteemed father was there, Mr Deputy Speaker, as was Madam Deputy Speaker who was in the Chair a moment ago, as she was in the Treasury at the time—to when the Treasury forced the then Mayor of London, Ken Livingstone, down the road of a private finance initiative that came within an ace of sinking the London underground and costing the taxpayer £3 billion.
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