Crossrail project gets extra £825m of Government funding

324

The Crossrail project has been given an additional £825m of Government funding to complete its construction

Transport secretary Grant Shapps has announced today (1 December) that the Crossrail project will receive an additional £825m.

The £825m of additional borrowing will be made available to the Greater London Authority (GLA) for the purposes of Crossrail.

The GLA intend to repay this loan via London’s Business Rate Supplement and from the Mayoral Community Infrastructure Levy.

This agreement will ensure that the Crossrail project continues to be funded.

Grant Shapps said: “The government remains committed to the rapid completion of the project, in a way that is fair to UK taxpayers and has committed to financing the completion of Crossrail.

“However, London – as the primary beneficiary – must ultimately bear any additional costs. Crossrail Ltd is committed to reducing its funding shortfall and will take all necessary steps to complete the project without requiring further additional funding.

“Transport for London (TfL) is ensuring that further independent analysis of costs is carried out.”

‘Dig deep to get the railway up and running’

Mayor of London, Sadiq Khan said: “Securing this financing package enables us to press full steam ahead with getting the central section of the Elizabeth line open as soon as possible.

“The government have insisted London must pay the shortfall – despite the overwhelming majority of the tax income that will result from Crossrail going to the Treasury.

“I do not want this project to be stalled so it is vital that we dig deep to get the railway up and running.

“I will continue to monitor progress closely and do everything I can to minimise costs – helping ensure London and beyond can enjoy its many benefits sooner rather than later.”

Mark Wild, the chief executive of Crossrail, said delivery of the Elizabeth line was “in its complex final stages”, with more work to do on building the infrastructure before a year of intensive testing of the system could start in 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here