Q370 Chairman: Welcome to the three of you. I am Lord Best; I am taking the chair for Lord Vallance on this occasion. Thank you all very much for joining us. I have one or two things to tell you in advance. This is the seventh of our public inquiry meetings about private finance projects, seven out of I think 10 in all. You are all extremely welcome and thank you very much for the written evidence that some of us had a chance to go through in some depth and much enjoyed. If you would speak loudly and clearly for the webcast and for the shorthand writer that would be much appreciated. Could I suggest that if someone has already answered a question, there is no need for all of you to chip in, but do please feel free to do so if there is something you want to add. Would you wish to make an opening statement or shall we go straight into questions; we are in your hands.
Mr Bolt: I am happy to go straight to questions.
Professor Glaister: I think, Chairman, that I should declare an interest which is my regular part time job is as Director of the RAC Foundation but I am partnership director of Tube Lines, one of the parties to the PPP contract.