Breaking finance and business news, tax information, jobs and more for finance directors and senior finance professionals.

"Train operators are obviously concerned that if Metronet staff do take action, the regular train preparations and track inspections will not be undertaken within usual timescales," RMT general secretary Bob Crow said. "Our members regard the current train-preparation and track-inspection procedures as minimum standards, and they are not prepared to see them diluted, temporarily or otherwise. I have told London Underground that in the event of industrial action at Metronet, it is not acceptable for train operators to be asked to drive trains over track sections where either has not been the subject of the established preparation and checks, with or without dispensation from HMRI or the Chief Engineer. There is no way our members can be expected to put themselves or members of the public in danger, and I have made it clear to London Underground that unless we receive the unconditional assurances we are seeking we will be in dispute."

Not justified

Ken Livingstone said: "Transport for London has notified the Administrator that it will be bidding to take over the Metronet contracts. I would then like to see the contracts restructured by Transport for London so that maintenance is controlled directly by London Underground and in those areas that are outside of London Underground’s own capacity, such as building new trains, contracts are let to the private sector on a competitive basis. With regard to the current dispute between the trade unions and Metronet, Transport for London has been given assurances by the Administrator which meet all of the trade unions’ concerns. These are that no staff will be transferred and there will be no job reductions, during the period of administration."

"I take the concerns of staff regarding pensions extremely seriously and I have no intention that any staff should lose a penny of their pension as a result of the collapse of Metronet. That is Transport for London’s policy and they will be urging the pension Board of Trustees, upon which the unions are represented, to underwrite this commitment. I am asking the Administrator and Metronet to make clear that they will implement these undertakings. As each of the issues which the trade unions have raised have been fully addressed, I believe the threatened strikes are not justified and should be called off."

The RMT, TSSA and Unite unions are furious that administrators from Ernst & Young at the troubled London Underground maintenance firm Metronet have refused to rule out job losses and transfers. Metronet's shareholders include  engineering firm WS Atkins, Bombardier, Thames Water, EDF and Balfour Beatty. The administrators have estimated Metronet's losses to be in excess of £300m. In June, Bombardier said it would record a write-off of its Metronet investment of approximately £82 million in the second quarter of fiscal year 2008.

Unequivocal guarantee