NEARCHUS: London Tube upgrade is worth £66bn..[ 1465 ]

The Hellenic Navy (HN) (Greek: Πολεμικό Ναυτικό, Polemikó Naftikó, abbreviated ΠΝ) is the naval force of Greece, part of the Greek Armed Forces. The modern Greek navy has its roots in the naval forces of various Aegean Islands, which fought in the Greek War of Independence. During the periods of monarchy (1833–1924 and 1936–1973) it was known as the Royal Navy (Βασιλικόν Ναυτικόν, Vasilikón Naftikón, abbreviated ΒΝ).The total displacement of all the navy's vessels is approximately 150,000 tons.The motto of the Hellenic Navy is "Μέγα το της Θαλάσσης Κράτος" from Thucydides' account of Pericles' oration on the eve of the Peloponnesian War. This has been roughly translated as "Great is the country that controls the sea". The Hellenic Navy's emblem consists of an anchor in front of a crossed Christian cross and trident, with the cross symbolizing Greek Orthodoxy, and the trident symbolizing Poseidon, the god of the sea in Greek mythology. Pericles' words are written across the top of the emblem. "The navy, as it represents a necessary weapon for Greece, should only be created for war and aim to victory."...............The Hellenic Merchant Marine refers to the Merchant Marine of Greece, engaged in commerce and transportation of goods and services universally. It consists of the merchant vessels owned by Greek civilians, flying either the Greek flag or a flag of convenience. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the Greeks and a key element of Greek economic activity since the ancient times. Nowadays, Greece has the largest merchant fleet in the world, which is the second largest contributor to the national economy after tourism and forms the backbone of world shipping. The Greek fleet flies a variety of flags, however some Greek shipowners gradually return to Greece following the changes to the legislative framework governing their operations and the improvement of infrastructure.

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Thursday, July 15, 2010

London Tube upgrade is worth £66bn..[ 1465 ]

London MPs: Tube upgrade is worth £66bn to economy

Pippa Crerar, City Hall Editor

Pippa Crerar, City Hall Editor
15.07.10

George Osborne came under pressure to safeguard investment in the Tube today after a cross-party group of London MPs warned it was critical to the economy.

The MPs, representing seats across the capital, signed an Early Day Motion urging the Chancellor to recognise £66 billion of economic benefits modernisation would bring.

The MPs stressed the “absolute dependence” of commuters on the largely pre-war Tube network.

Transport Secretary Philip Hammond is preparing to submit proposals for cuts to the Treasury tomorrow — two weeks ahead of deadline — for the summer-long spending review.

Crucial upgrades to the network could be in danger if Mr Osborne takes 25 to 40 per cent from the transport budget. Sources said he will not downsize the £16 billion Crossrail project, but MPs and business leaders fear this leaves Tube upgrades exposed. Tory MP Mark Field, Labour MP David Lammy and Lib-Dem MP Tom Brake today tabled the motion urging the Chancellor to protect the Underground for the sake of the economy.

The number of signatories is expected to soar as MPs from the capital and across the country add their names.

It reads: “That this House notes the vital role of London as a gateway to investment from overseas into the UK, the absolute dependence of employers and employees on the largely pre-war Tube network, which, having been starved of investment for decades, is part way through a critical upgrade.

“And that the economic returns of an upgraded Tube (alongside Crossrail) are estimated at £66 billion; asserts that in this period of great pressure on the public finances that spending should be prioritised according to such returns; and urges the Government to maintain the investment in this vital infrastructure in order to support UK economic growth.”

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