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Faced with huge costs of updating the ageing London Underground, ministers turned to the private sector, already used to finance new roads under PFI.
Under the controversial PPP scheme the Tube's maintenance was privatised, but overall control left in public hands.
Two consortiums have pledged to raise �15.7bn over 30 years to improve stations and replace trains and track. But delays setting it up mean clearing the maintenance backlog will take 22 years - not the 15 first intended.
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