{"id":86057,"date":"2020-12-01T13:31:38","date_gmt":"2020-12-01T13:31:38","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=86057"},"modified":"2020-12-01T13:31:38","modified_gmt":"2020-12-01T13:31:38","slug":"crossrail-project-funding","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/crossrail-project-funding\/86057\/","title":{"rendered":"Crossrail project gets extra \u00a3825m of Government funding"},"content":{"rendered":"

The Crossrail project has been given an additional \u00a3825m of Government funding to complete its construction<\/h2>\n

Transport secretary Grant Shapps<\/a> has announced today (1 December) that the Crossrail project will receive an additional \u00a3825m.<\/p>\n

The \u00a3825m of additional borrowing will be made available to the Greater London Authority (GLA) for the purposes of Crossrail<\/a>.<\/p>\n

The\u00a0GLA\u00a0intend to repay this loan via London\u2019s Business Rate Supplement and from the Mayoral Community Infrastructure Levy.<\/p>\n

This agreement will ensure that the Crossrail project continues to be funded.<\/p>\n

Grant Shapps said: \u201cThe 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<\/a>.<\/p>\n

\u201cHowever, London \u2013 as the primary beneficiary \u2013 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.<\/p>\n

\u201cTransport for London (TfL) is ensuring that further independent analysis of costs is carried out.\u201d<\/p>\n

\u2018Dig deep to get the railway up and running\u2019<\/h3>\n

Mayor of London, Sadiq Khan said: \u201cSecuring this financing package enables us to press full steam ahead with getting the central section of the Elizabeth line open<\/a> as soon as possible.<\/p>\n

\u201cThe government have insisted London must pay the shortfall \u2013 despite the overwhelming majority of the tax income that will result from Crossrail going to the Treasury.<\/p>\n

\u201cI do not want this project to be stalled so it is vital that we dig deep to get the railway up and running.<\/p>\n

\u201cI will continue to monitor progress closely and do everything I can to minimise costs \u2013 helping ensure London and beyond can enjoy its many benefits sooner rather than later.\u201d<\/p>\n

Mark Wild, the chief executive of Crossrail<\/a>, said delivery of the Elizabeth line was \u201cin its complex final stages\u201d, with more work to do on building the infrastructure before a year of intensive testing of the system could start in 2021.<\/p>\n

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

Transport secretary Grant Shapps has announced that the Crossrail project will receive an additional \u00a3825m of government funding.<\/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":[676,998,283,276,579,947,928],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-86057","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-crossrail","9":"tag-finance","10":"tag-government","11":"tag-infrastructure","12":"tag-london","13":"tag-rail-network"},"acf":[],"yoast_head":"\nCrossrail project gets extra \u00a3825m of Government funding<\/title>\n<meta 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