[Merseyside] Councils agree to underwrite Tram

Merseyside's tram network is firmly on track after city councillors agreed financial backing for the scheme.
Liverpool City Council has joined Knowsley Council in underwriting a £24m contingency fund for the project.

The fund would be used in the event of the construction of Line One - the first of three proposed routes - running over its £300m budget.

The government will now be asked to release the £170m it pledged towards the scheme in 2002.

"This is a very important day for Liverpool and Merseyside," said Council Leader Mike Storey.

Tram 'vital'

"We have clearly shown our commitment to the tram.

"It is now up to the government to match that commitment and provide the clean transport system the city needs."

In addition to the Department for Transport's £170m, a further £40m will come from Merseytravel and the remainder from Objective One European Social Funding and private sources.

On Thursday, Liverpool entrepreneur Mike McComb revealed he was prepared to offer part of his £70m fortune to ensure the troubled project went ahead.

"There should be no obstacle to this project because I believe its success is vital for the future of this city," said Mr McComb.

Liverpool City Council's executive committee agreed to underwrite the scheme at a meeting on 4 November.


http://news.bbc.co.uk/1/hi/england/merseyside/4406572.stm

Finally some good news, although I would not be surprised if the government still found some other excuse not to go ahead...

waste of money.

What's wrong with the current train service? it's practically a self-contained high-frequency light rail system as it is.

i can think of 300 million better ways to spend £300m.

If it ain't broke, don't try to fix it.

There are more pressing needs for transport money than some councillor's pet project.

Because the railway lines serve different areas to the tram lines.

Will it be more like DLR or will it run on roads too?

Ah now this is good news! It was appearing that we wouldn't be seeing any new tram lines in the near future, but now hopefully we will be!!

Jordy

Not in Merseyside...they lost the High Court battle to get the 170m funding from the DfT last week. They are attempting to appeal against this, but knowing the current stance on light rail in this country it is unlikely that Merseyside will get a tram system in time for the Capital of Culture year.

Cheers

Dave