The Tube remains in public hands, but repairs are done privately
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Improvements promised by private firms that are modernising London's ageing Tube network are behind schedule, London Underground (LU) claims.
More trains are available, but repeated signal failures mean passengers are not feeling the benefit, says an LU report.
But it says things are slowly improving two years into the Public Private Partnership (PPP) scheme.
The firms involved have agreed more needs to be done, but said much has already been achieved.
Responsibility for repairs passed to two infrastructure companies (infracos) in 2003 - Tube Lines and Metronet - which got 30 year contracts, worth £15bn, under the PPP scheme.
LU said progress was being made, but not enough to justify the cost.
"We are paying a premium price for improvements, but performance to date has not been good enough," said LU managing director Tim O'Toole.
Metronet's improvements were the most behind schedule, said the report, which also found delays to engineering works had increased 35% in a year, and said the infracos needed better planning and management.
"There is no room for slippage if we are to do our part for the 2012 Olympics," said Mr O'Toole.
Metronet chairman Keith Clarke said PPP had put plans for the Tube on a firm financial footing, and the firm had already secured £7bn investment.
"Our focus first is on getting the job done, but also to find ways in which we can accelerate our programme under the PPP," he said.
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Our performance is judged to have been good
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Tube Lines said it had met its targets on two of its three lines, and said there had been a big drop in signal failures.
A spokesman said: "In terms of track renewal and our projects to refurbish and upgrade our lines, our performance is judged to have been good."
The infracos cannot be sacked because of their long-term contracts.
Earlier in July, Liberal Democrats on the London Assembly said the infracos had been fined a total of £27m for poor performance.
London Transport Users' Committee chairman Brian Cooke said overall improvement was limited.
"This is not yet good enough for the millions of commuters, visitors and tourists that rely on the Tube."