{"id":48369,"date":"2018-10-26T14:53:25","date_gmt":"2018-10-26T13:53:25","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=48369"},"modified":"2018-11-27T12:08:22","modified_gmt":"2018-11-27T12:08:22","slug":"tfl-borrow-350m-crossrail-project","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/tfl-borrow-350m-crossrail-project\/48369\/","title":{"rendered":"TfL borrow \u00a3350m for delayed Crossrail project"},"content":{"rendered":"

Transport for London (TfL)<\/a> is set to borrow \u00a3350m from the Government, as delays to the \u00a315bn Crossrail scheme left it facing a funding shortfall<\/h2>\n

The Department for Transport (DfT)<\/a> will provide the money to the mayor,\u00a0Sadiq Khan, on a short-term basis, with the cost of the loan to be paid out of his budget.<\/p>\n

The money safeguards London\u2019s most critical and costly new infrastructure project<\/a> \u2013 but will hugely increase the deficit run up by TfL, currently almost \u00a31bn.<\/p>\n

Announcing the loan, Rail Minister Jo Johnson said: \u201cToday, as an interim measure, we are announcing that \u00a3350m of short term repayable financing will be made available to the Mayor for the year 2018\/19.<\/p>\n

\u201cThis will ensure that full momentum is maintained behind Crossrail.\u201d<\/p>\n

He said that discussions between TfL and government were underway as to how any additional funding will be provided, \u201cwith London… bearing any additional costs via a financing arrangement.\u201d<\/p>\n

The scheme was due to open next month \u2013 but problems with signalling tests put back the date to next autumn.<\/p>\n

Johnson continued: \u201cWhen open, Crossrail will be transformative and carry up to 200 million passengers a year, delivering \u00a342bn of investment into the UK economy.\u201d<\/p>\n

Khan\u00a0admitted the full cost implications were not yet known.<\/p>\n

He said the bailout would \u201callow Crossrail Ltd to continue their construction work and the testing process\u201d.<\/p>\n

\u201cAn independent review into Crossrail Ltd\u2019s commercial practices, cost projections and governance is already well underway, and that will help us understand the exact implications of the project over running,\u201d said Khan.<\/p>\n

He warned: \u201cSome very challenging work remains to be completed.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Transport for London (TfL) is set to borrow \u00a3350m from the Government, as delays to the \u00a315bn Crossrail scheme left it facing a funding shortfall<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[998,283,276,579,280],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-48369","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-crossrail","8":"tag-finance","9":"tag-government","10":"tag-infrastructure","11":"tag-transport"},"acf":[],"yoast_head":"\nTfL borrow \u00a3350m for delayed Crossrail project<\/title>\n<meta name=\"description\" content=\"Transport for London 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