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TfL rolling stock crisis
On 08/01/2018 10:36, Recliner wrote:
snip This is a form of off-balance sheet government borrowing. I am long past the need to know but thought that accounting standards had now stopped such sale and leaseback deals escaping the balance sheet. I can't see TfL arguing successfully it's an operating lease. And I think IFRS16 removes even that distinction from next year for plant and machinery so TfL would have to show a “right to use the stock” asset and a "lease" liability on their balance sheet. It would be much cheaper if the Treasury borrowed the money directly. Cheaper for TfL, yes. Whether it's cheaper for the country depends on what the bond markets decide about UK national debt. And people outside London paying increased fares year by year might ask why Londoners who don't should be bailed out. -- Robin reply-to address is (intended to be) valid |
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