I congratulate my hon. Friend the Member for Harrow East (Bob Blackman) on taking this Bill to Third Reading. I have listened with interest to the contributions of Members on both sides of the Chamber.
The outcome of the 2015 spending review means that TfL will need to find further savings and look to maximise its commercial income in the interests of both the taxpayer and the travelling public. That is why I welcome the principle behind the Bill. It will enable TfL to use financial practices and mechanisms to release greater value from its assets and financing arrangements. In short, it will maximise its unique position to ensure that assets generate revenues to their greatest potential. I understand from TfL that the Bill could realise in excess of £50 million in immediate benefits by improving its hedging power, enabling it to borrow money in a more cost-effective way and allowing it to make the most of its assets.
For all of those reasons, the Government support the Bill and I look forward to seeing it finally receive Royal Assent.
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