The new government, although dominated by Conservatives, decided to continue with the bill, with no serious changes, despite its extensive transfer of private undertakings into the public sector.

[1] The LPTB's financial structure was not the same as that of outright nationalisation, which did not occur until the London Transport Executive was established on 1 January 1948.

"[2] The first chairman and vice-chairman were Lord Ashfield and Frank Pick, who had held similar positions with the Underground Group.

Although only about £21 million of the capital was spent before World War Two broke out, it allowed extensions to the Central, Bakerloo, Northern and Metropolitan lines; built new trains and maintenance depots, with extensive rebuilding of many central area stations (such as Aldgate East); and replacement of much of the tram network by what was to become one of the world's largest trolleybus systems.

Although curtailed and delayed by the outbreak of World War Two, the programme nevertheless delivered some key elements of the present overground sections of the Underground system.

However, the most profound change enacted by the board, through the new works, was the transition from tram to trolleybus operation alluded to earlier.

The final disappearance of trams, in 1952, was regretted by some sections of the staff and the public, but in terms of impact on users, this was probably the most visible and dramatic change in the period.

The LPTB continued to develop its corporate identity, design and commercial advertising that had been put in place by the Underground Group.