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LONDON BUSES UNDER SOLD BY£100M

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London's bus fleet was sold off for almost£100m less than its true value, the Labour party has claimed, the Evenin...
London's bus fleet was sold off for almost £100m less than its true value, the Labour party has claimed, the Evening Standard reports (p14).

Labour transport campaign co-ordinator Glenda Jackson said: 'The fact that ministers view robbing London of £100m as an excellent return speaks volumes about the economic and social priorities of this government'.

A Labour spokesman told the paper that London transport minister Steven Norris said in a written answer in 1993 that the value of London Buses Ltd was £328m. The sale of the buses to 10 operating companies actually netted £233m.

However, the minister has responded by saying those values was merely a notional figure and market value is determined by the companies involved in the bidding, the paper reports.
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