Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

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By Richard Johnstone | 15 November 2011

An extension to the London underground network could be one of the projects
given the go-ahead after a London council was awarded two top credit
ratings.

The London Borough of Wandsworth, which has become the third council in
England in just over a month to get a credit rating, has been awarded
triple-A status by two agencies, Moody’s and Fitch.

The council said that the ratings were a recognition that the authority’s
financial management and budgetary control were among ‘the best in the world’.

Cabinet member for finance and corporate resources Guy Senior said that the
announcement opened up new possibilities for the council, including for any
necessary borrowing to pay for a planned extension to the Northern Line.

More than £200m has already been pledged towards the cost of the new line
between Kennington and Battersea via Nine Elms by REO, the owners of
Battersea power station.

It is planned that the project will be completed through private sector
contributions. However, Senior added that the council could now be in a
position to raise any extra necessary funds.

‘If we have to raise funds for big capital investment projects like the
extension of the Northern Line to Nine Elms, then we would be able to do at
the best rates of interest,’ he said.

‘Investors and lenders will be prepared to invest money into the borough at
low rates of return because they know that we are a safe and solid bet. This
means our council tax payers will be getting the best deal available on big
capital projects that [will] make Wandsworth a better place to live.’

Local authorities began to get credit rated as part of plans to issue bonds
to raise the money needed to buy out of the Housing Revenue Account system.

It was initially thought it would be cheaper to borrow this way, to take on
a proportion of council housing debt, after the Treasury raised the Public
Works Loan Board interest rates in October 2010.However, in September the
government cut the rate for HRA borrowing from 1% above gilts to around
0.2%.

Despite this, some authorities have continued with the process of becoming
credit rated to allow them to issue bonds in the future, potentially to pay
for capital schemes such as transport projects.

Birmingham was the first to announce its rate in October 12, and on November
3, Lancashire County Council was given an Aa1 rating.

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

In article ,
(John Salmon) wrote:


http://www.publicfinance.co.uk/news/...nsion-plan-as-
wandsworth-gets-triple-a-ratings/?utm_source=Adestra&utm_medium=email&utm_ter
m=

By Richard Johnstone | 15 November 2011

An extension to the London underground network could be one of the
projects given the go-ahead after a London council was awarded two
top credit ratings.

The London Borough of Wandsworth, which has become the third council
in England in just over a month to get a credit rating, has been
awarded triple-A status by two agencies, Moody_s and Fitch.

The council said that the ratings were a recognition that the
authority_s financial management and budgetary control were among
_the best in the world_.

Cabinet member for finance and corporate resources Guy Senior said
that the announcement opened up new possibilities for the council,
including for any necessary borrowing to pay for a planned extension
to the Northern Line.

More than £200m has already been pledged towards the cost of the new
line between Kennington and Battersea via Nine Elms by REO, the
owners of Battersea power station.

It is planned that the project will be completed through private
sector contributions. However, Senior added that the council could
now be in a position to raise any extra necessary funds.

_If we have to raise funds for big capital investment projects like
the extension of the Northern Line to Nine Elms, then we would be
able to do at the best rates of interest,_ he said.

_Investors and lenders will be prepared to invest money into the
borough at low rates of return because they know that we are a safe
and solid bet. This means our council tax payers will be getting the
best deal available on big capital projects that [will] make
Wandsworth a better place to live._

Local authorities began to get credit rated as part of plans to issue
bonds to raise the money needed to buy out of the Housing Revenue
Account system.

It was initially thought it would be cheaper to borrow this way, to
take on a proportion of council housing debt, after the Treasury
raised the Public Works Loan Board interest rates in October
2010.However, in September the government cut the rate for HRA
borrowing from 1% above gilts to around 0.2%.

Despite this, some authorities have continued with the process of
becoming credit rated to allow them to issue bonds in the future,
potentially to pay for capital schemes such as transport projects.

Birmingham was the first to announce its rate in October 12, and on
November 3, Lancashire County Council was given an Aa1 rating.

Are Wandsworth planning to use Tax Increment Funding to repay the money I
wonder?

--
Colin Rosenstiel

Regardless of any ambitions Wandsworth Council may have, the top priority for extending the Northern Line should be a line from Kennington to Clapham Junction. The biggest single anomaly in London's public transport system is the fact that the busiest station in the U. K. is in London but is not connected to the Underground. If Wandsworth Council want such a line to continue south from Clapham Junction, all well and good but an extension that by-passes Clapham Junction should not be allowed.

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

On Wed, 16 Nov 2011 17:05:14 +0000, Robin9 wrote:

Regardless of any ambitions Wandsworth Council may have, the top
priority for extending the Northern Line should be a line from
Kennington to Clapham Junction. The biggest single anomaly in London's
public transport system is the fact that the busiest station in the U.
K. is in London but is not connected to the Underground. If Wandsworth
Council want such a line to continue south from Clapham Junction, all
well and good but an extension that by-passes Clapham Junction should
not be allowed.

Would the Northen Line have enough capaity to cope with the increase in
passengers a station at Clapham Junction would generate?

--
jhk

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

"Jarle H Knudsen" wrote in message
. ..
On Wed, 16 Nov 2011 17:05:14 +0000, Robin9 wrote:

Regardless of any ambitions Wandsworth Council may have, the top
priority for extending the Northern Line should be a line from
Kennington to Clapham Junction. The biggest single anomaly in London's
public transport system is the fact that the busiest station in the U.
K. is in London but is not connected to the Underground. If Wandsworth
Council want such a line to continue south from Clapham Junction, all
well and good but an extension that by-passes Clapham Junction should
not be allowed.

Would the Northen Line have enough capaity to cope with the increase in
passengers a station at Clapham Junction would generate?

Of course not. That'll be the reason TfL have already decided they won't
be taking the Northern Line to Clapham Jn...

Paul S

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

On Nov 17, 9:25*pm, "Paul Scott"
wrote:
"Jarle H Knudsen" wrote in messagenews:12lyif566z9r6$.1adstjft190o1$.dlg@40tu de.net...

On Wed, 16 Nov 2011 17:05:14 +0000, Robin9 wrote:

Regardless of any ambitions Wandsworth Council may have, the top
priority for extending the Northern Line should be a line from
Kennington to Clapham Junction. The biggest single anomaly in London's
public transport system is the fact that the busiest station in the U.
K. is in London but is not connected to the Underground. If Wandsworth
Council want such a line to continue south from Clapham Junction, all
well and good but an extension that by-passes Clapham Junction should
not be allowed.

Would the Northen Line have enough capaity to cope with the increase in
passengers a station at Clapham Junction would generate?

Of course not. * That'll be the reason TfL have already decided they won't
be taking the Northern Line to Clapham Jn...

I've still not heard a good argument why someone would get off a fast
train at Clapham Junction to take a slow tube to Waterloo....where
that fast train was going anyway. Perhaps for the services going to
Victoria, but why wouldn't you just stay on the train and take the
District from Victoria? I think a station at Clapham Junction would do
wonders for serving the local area if done correctly, and to the same
end I'd add a few more. Clapham Junction, Battersea Central (on
Battersea Park Road), Battersea Park (proper unified station, not the
3 disparate ones we will end up with), Nine Elms, then Vauxhall.

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

Jamie Thompson wrote:

I've still not heard a good argument why someone would get off a fast
train at Clapham Junction to take a slow tube to Waterloo....where
that fast train was going anyway.

If it's anything like Stratford & Liverpool Street, part of the attraction
is that you're more likely to get a seat if you board at Stratford, plus the
connection at Stratford is easier. I assume a Clapham Junction tube station
would have a better layout for interchange than Waterloo, although obviously
it won't be cross-platform interchange with metro services.

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

On Thu, 17 Nov 2011 14:38:12 -0800 (PST)
Jamie Thompson wrote:
I've still not heard a good argument why someone would get off a fast
train at Clapham Junction to take a slow tube to Waterloo....where
that fast train was going anyway. Perhaps for the services going to

Quite. The only reason clapham junction is busy is because its a junction, its
not because anyone actually wants to visit that godforsaken dump. They just
change trains there. What would be the point of a tube line going there?

B2003

Boost for Tube extension plan as Wandsworth gets triple-A ratings
 

"Jamie Thompson" wrote in message
...
...I think a station at Clapham Junction would do
wonders for serving the local area if done correctly, and to the same
end I'd add a few more. Clapham Junction, Battersea Central (on
Battersea Park Road), Battersea Park (proper unified station, not the
3 disparate ones we will end up with), Nine Elms, then Vauxhall.

TfL have also explained that there can't be an interchange at Vauxhall,
IIRC... Only the Charing Cross branch can possibly handle the increase in
passengers.

Paul S

1) To relieve the pressure on Waterloo and Victoria at peak times.

2) To facilitate easier travel between the City and destinations served via Clapham Junction.

You seem to have overlooked the fact that many, perhaps most, of the travellers who alight at Victoria and Waterloo do not want to be at those places anymore than people wish to be at Clapham Junction. Consequently huge numbers of passengers try, not always successfully, to access the Underground at those two stations.

TfL is now spending an astronomical sum to expand the capacity of Victoria Underground Station to cope with peak demand that lasts . . . how long? Two, perhaps three hours a day? Five days a week? About forty-five weeks a year? And did not TfL spend a large amount of money on Victoria a few years ago?

Incidentally there are many who would disagree with your assessment of that part of Battersea.