The end of the controversial Public Private Partnership on the Tube network has been signalled with a deal to bring all maintenance work back in-house.

Transport for London said it had agreed to buy the shares of Bechtel and Amey (Ferrovial) from Tube Lines for £310m and that the agreement will involve no extra financial cost to the government, taxpayers or farepayers.

It added that said the first priority will be to complete the upgrade of the Jubilee Line as soon as possible.

Transport for London (TfL) said that without the complicated PPP structure, it was confident of generating substantial savings.

The agreement will mean a "revised approach" will be taken to reduce the impact of line closures beginning with a much less disruptive upgrade programme on the Northern Line.

Transport for London's budget's already is already under pressure and previously it had said it couldn't afford a £400m funding gap in the PPP. How then will it be able to afford the £310m to buy the shares.

Tfl says is it will be able to make efficiencies on the work and is "confident of generating substantial savings". Hovever that may prove difficult as the official in charge of the PPP has already found previously London Underground costs were far higher than Tube Lines.

The Mayor's Office also says it can also cut out middle management fees and reschedule the debt at a better rate.

For passengers it also says the number of weekend closures for example on the Northern Line will be cut from 84 to 12.

Mayor of London Boris Johnson said:  "This deal is excellent news for London. Freed from the perverse pressures of the Byzantine PPP structure, I am confident that London Underground and private contractors are more than capable of delivering the improvements to London’s transport network we need, on time and on budget.

"There is much work ahead of us, but this arrangement provides the greater flexibility we so desperately need to minimise disruption to Londoners and businesses and ensures that this vital work will be delivered in a more cost effective manner."

He said he was confident London Underground and private contractors "are more than capable of delivering the improvements to London's transport network we need, on time and on budget".

Tube Lines which was responsible for the Jubilee, Northern and Piccadilly lines was a consortium of the infrastructure companies Amey and Bechtel. It is understood that Amey will continue to provide management and day-to-day maintenance on some lines, but Bechtel will exit the Underground and the capital works will return in-house.

The deal brings to an end the £30bn PPP, promoted by Gordon Brown when he was Chancellor, under which large sections of the Tube were sold off on 30-year leases.

This move follows the collapse of Metronet, the maintenance giant responsible for two-thirds of the Tube, whose staff now work for TfL