Thank you, Madam Deputy Speaker.
Our worry is that, as a major landowner in London TfL, has a real responsibility. That is why Opposition Members have made it so clear that we feel that once that land is gone, it is gone forever, as my hon. Friend the Member for Hornsey and Wood Green (Catherine West) put so well. That is a very powerful point. She also pointed out that we have a deep unhappiness about these limited partnerships. She put that very well, too—partnerships with who knows who; the risk being nationalised, the profit being privatised. That point is absolutely right.
I enjoyed the contribution of my hon. Friend the Member for Wansbeck (Ian Lavery), whose ability to smell a rat at 300 miles is legendary. He, too, has spotted exactly what is going on in this Bill.
I also endorse the comments of my hon. Friend the Member for York Central (Rachael Maskell). She pointed out that the financial consequences of this Bill are very poorly explained, which gives us yet further cause for concern.
We appreciate that TfL needs to be looking at a long-term strategy for London’s transport infrastructure. It is absolutely right to do so; it is its job. But there is a real fear, which has been raised by many of my hon. Friends as well as by trade unionists and London residents, that elements of this Bill would lead not to a long-term investment strategy, but to profiteering in the short term on property development, an outcome which is totally unacceptable.
As a number of my hon. Friends have said, we do not feel the way the powers provided in this Bill would be used has been scrutinised adequately, and we are not assured that local councils and communities will be properly protected.
I think we all recognise that this Bill has been on something of an odyssey through Parliament over the years, but we are not persuaded the proposals in clause 5 should ever make it to Ithaca—that is a reference for the good Mayor to pick up. Given the bad feeling generated
over this Bill for years, it is now time for TfL to reflect, go back to the drawing board and bring forward new legislation in this Session that we trust will command greater consensus and confidence and genuinely allow TfL to utilise its assets in ways that are consistent with the wider long-term public good.