As if the £50 billion plus pumped into saving Northern Rock wasn’t enough, this week brought more bad news for Gordon Brown’s record of prudence.

The Commons Transport Committee published a report into the collapse of Metronet (and good to see Brian Paddick getting into that story too – read more here). Metronet was one of the private contractors foisted on London’s tube at the insistence of Gordon Brown and his inner circle, who were determined to part-privatise the tube network come what may.

The result? A badly thought out, badly implemented and hugely expensive scheme. Just setting up the deal cost huge amounts of money – putting together mindbogglingly complicated contracts and running up extra borrowing costs. In 2004 the National Audit Office put the cost put introducing part-privatisation at approaching £1 billion – yes billion: £455 million in legal etc costs in drawing up the scheme and £450 million in extra borrowing costs.

So – Metronet collapsed,upgrade and maintenance work in doubt and a huge bill floating around that someone will have to pick up. Not exactly a proud track-record for Labour when it comes to London’s public services!