Attempts were made to privatise TfL, and collapsed. While googling for the history of this I found these 3 articles to read in order:

(2000) http://www.independent.co.uk/voices/commentators/rail-privat...

(2003) http://www.telegraph.co.uk/finance/2841704/TfL-makes-deal-on...

(2010) http://www.standard.co.uk/news/tfl-takes-over-tube-lines-to-...

All within the lifetime of the Labour government. Meanwhile expensive disasters continue under a conservative government: http://www.railtechnologymagazine.com/News-Robot/vulnerable-...