7 minute read
Crossrail back on track
Funding and financing package for the final phase of Crossrail project agreed
Transport for London says the £825 million loan allows work to carry on “at pace” to open the new railway in 2022
An £825 million funding and financing package has been agreed for the final phase of the Crossrail project.
The Mayor of London, Transport for London (TfL), the Department for Transport (DfT) and HM Treasury announced the news earlier this month.
Crossrail Ltd announced in August that it expected the Elizabeth line to open through central London in the first half of 2022 and that they would require funding beyond the agreed funding envelope.
Andy Byford, London’s Transport Commissioner, said: “I have been very clear that it is my priority to get the railway open as soon as possible and all those working on the Crossrail project are focused on that too.
“Confirming this financing is an essential step in ensuring the team can fully concentrate on safely delivering the Elizabeth line, which is so vital for boosting rail capacity and supporting the economy.”
The shortfall will initially be covered by the Greater London Authority (GLA) borrowing up to £825 million from the DfT, which will be given by GLA to TfL as a grant. The GLA will repay this loan from Business Rate Supplement (BRS) and Mayoral Community Infrastructure Levy (MCIL) revenues.
The 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. 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.”
Governance of Crossrail transferred directly to TfL in October, with a special purpose committee of the TfL Board, the Elizabeth Line Committee, providing high-level oversight of the project.
Mark Wild, Chief Executive of Crossrail Ltd, said: “Delivery of the Elizabeth line is now in its complex final stages.
“Good progress continues to be made with completing the remaining infrastructure works so that we begin intensive operational testing, known as Trial Running, at the earliest opportunity in 2021.
“Many of the stations are now nearing completion and we will shortly commence an enabling phase for Trial Running which allows testing in the tunnels to be undertaken with an increased number of trains, further helping to build operational reliability.”
When fully open, the Elizabeth line will increase central London’s rail capacity by 10 per cent, able to carry more than half a million passengers per day and will support new journeys through central London out to Essex and Berkshire.
The new railway is expected to support thousands of new homes and new jobs and is estimated to boost the UK economy by £42 billion.
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