Several of the City of London's top fund managers have now addressed a letter to the Chancellor of the Exchequuer drawing his attention to the negative effect that the Railtrack decision is likely to have on future PPP proposals among them the London Underground, the Cross Rail project through Central London and the upgrade of the East Coast Main Line. The letter does not mince words. It includes this warning to the Chancellor: The Government's actions have caused considerable damage to the relationship between the Government and the whole of the business sector, in particular the City...We believe it is important for Government to realise that the issues raised by the Railtrack administration, including its handling, have farreaching consequences.
The interesting question is whether the decision complained of by the City was taken the Chancellor himself or by Mr Byers.
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