On any other day, the government losing up to £410 million of our money would be big news, but not today.
The National Audit Office report on the collapse of Metronet traces the long history of Gordon Brown's failed public-private financing of the Underground.
The report, say the Liberal Democrats, is "a simply devastating" indictment of the Prime Minister, or at least it would have been if anyone was paying attention.
Among it's findings are that:
- There were "few formal levers" set up to manage risks to the taxpayer
- Metronet London Underground and the DfT were hampered by "a lack of good information"
- Of the £1.7 billion cost of repaying Metronet debts, up to £410 million is an outright loss to the taxpayer.
The private-public partnership was forced through by Gordon Brown against the wishes of the then Mayor of London Ken Livingstone.
This deal has not only lead to stupendous losses, but also to severe delays to the much needed modernisation of the Tube.
BBC London are leading on the story but for some reason the Evening Standard have only given it a cursory mention.
But as all eyes fix on the resignations of "a narrow clique of hard right-wingers" within the Labour cabinet, it's worth remembering what the real failures of this government have been.