I am pleased to announce that Chris Bolt has been re-appointed as PPP Arbiter until December 2010. Mr. Bolt was originally appointed as Arbiter on 31 December 2002 for a four-year term, and this appointment has now been extended for a further four years. This extension will provide continuity in the lead up to, and during, the PPP periodic review that must be completed by October 2010. The periodic review will enable London Underground and the PPP companies to determine the outcomes and prices paid under the PPP contract for the next seven and a half years after 2010.

The PPP Arbiter appointment is made by the Secretary of State under sections 225 to 226 of the Greater London Authority Act 1999. The Arbiter's principal role is to ensure that any differences between the PPP parties, particularly during a PPP review, about the price to be paid to the PPP companies or about economy and efficiency can be resolved independently, swiftly and with certainty.

Chris Bolt was appointed as Chairman of the Office of Rail Regulation on 5 July 2004 for a five-year term.