Transport for London (Best Value) (Contracting Out of Investment and Highway Functions) Order 2005

My Lords, I thank the Minister for having brought the order to the House. Let me say at the outset that I have no objections to it. I am fascinated, of course, that Transport for London has suddenly become a local authority, even if it is in some rationalised terms, but I think that many people would dispute the fact that it can be considered as such. I have just two questions for the Minister. Local government is required to have an investment panel of councillors and independent members to manage investors, to see that investment managers are chosen, to have beauty parades from time to time, to make sure that the investment managers are changed and to be sure that the arrangement between investment managers and fundholders does not become too cosy. In the light of the make-up of Transport for London, how will this be done to ensure reasonably independent scrutiny? Secondly, will Transport for London be subject to the same rules of contract regarding competition, the length of contracts and the review of contracts? Again, it falls back on who will be making the decisions on this matter and who will be the independent scrutineers to make sure that things do not become too cosy. If the Minister replies to those questions, for the rest, I have no objection.