On 13 Feb, 20:22, (Neil Williams)
wrote:
On Wed, 13 Feb 2008 07:58:28 -0800 (PST), Mizter T

wrote:
it seems like a sensible change.

Only in the sense that it'll cost them more overall. That doesn't
strike me as sensible in the slightest, just a typical piece of
modern-day short-termism.

Neil


Well, perhaps it's sensible within the constricts of how TfL operates,
not least since such financial manoeuvring is now the way of the
world.

Don't get me wrong Neil, I'm certainly minded to agree with your broad
point. However TfL are fairly wily operators so perhaps also have
their eyes on other things - e.g. it may impress the Treasury who
might then be minded to give TfL more money, or indeed it might
impress potential lenders who naturally analyse TfL's balance sheet
and assess the risk.

One could develop this further - the recent "global credit crunch"
could have led TfL to believe they're going to have a harder time
borrowing money in the future, so instead they've cashed in the £250
million and now have it to spend on other things - and there are a
great many other projects that are yearning for that cash, perhaps
particularly so in the context of the strain that Crossrail will put
on TfL's finances.