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Asked if the upgrade was likely to be scrapped, Peter Hendy, commissioner of TfL, said: 鈥淣ot if I have anything to do with it. I believe very strongly the upgrade is an important project for the tube. But money is tight and TfL is trying to find ways of funding the programme.鈥�

He said a decision on how the project will proceed would be made within the next few weeks. This is thought to follow further discussions at TfL鈥檚 board. The project is under threat because of a funding crisis at TfL brought on by the collapse of the Metronet PPP consortium. In addition, revenue from fares is being hit by a fall in passenger numbers in the recession.

Kulveer Ranger, transport director of the Greater London Authority, said 鈥淲e鈥檝e looked at TfL鈥檚 finances and to say they鈥檙e not in good shape is a huge understatement.鈥�

Hendy, speaking after a fringe event at the Labour conference in Brighton, also confirmed that Tube Lines, the consortium charged with completing the upgrade of the Jubilee line, will be fined 拢10m for every month the work is delayed.

We鈥檝e looked at TfL鈥檚 finances and to say they鈥檙e not good is a huge understatement

Kulveer Ranger, GLA

The consortium, which includes Amey and Bechtel, admitted last week it would miss its Christmas deadline for completing the works.

The problem comes as the dispute between the two bodies over the forthcoming cost of the 2010-17 workload has been taken to arbitration; the two sides are more than 拢2bn apart in their valuation of the work.

Tube Lines is responsible for the Jubilee, Northern and Piccadilly lines. Metronet, which was led by Atkins and Balfour Beatty, was responsible for the upgrading the remainder of the underground system. It went into administration in 2007.