'Government must step in to safe-guard TfL's money in failed Icelandic bank' - Caroline Pidgeon AM

11.25.00am UTC (GMT +0000) Thu 9th Oct 2008

Commenting on the announcement that Transport for London had around £40 million invested in the failed Icelandic bank Kaupthing Singer & Friedlander Caroline Pidgeon AM, the Liberal Democrat's transport spokesperson at the London Assembly, says: "It's up to the government to step in to ensure London's travelling public doesn't have to pick up the bill.

"We already face an inflation busting increase in fares from the Tory Mayor on January 1st. Now the Government needs to help ensure we don't have to pick up another bill."

Speaking on the BBC Radio 4 Today programme Mayor Johnson confirmed that TfL had £40 million invested and vowed to seek "redress" for the lost deposits. He also warned against any government cuts to investment in London's transport infrastructure.

Caroline says: "It's now clear the global credit crisis is affecting everyone, from individual savers up to local authorities and big organisations such as TfL. The government must step in to stop TfL, and in turn London's passengers, losing out."