Report: ‘London paying too much for Crossrail’

London is set to pay “more than its fair share” for Crossrail according to a new report published by the London Assembly Transport Committee. During its investigations, the committee heard evidence that central government will earn “around £22 billion over ten years” in extra tax revenue, yet is providing just £8 billion towards the scheme’s £15.9 billion funding package with London providing £7.8 billion future fares and a supplement on business rates.

Crossrail construction brings major disruption to Oxford Street buses and traffic

Transport for London is advising bus passengers that routes servicing the eastern end of Oxford Street face “long term” diversions to allow construction of the new Crossrail station at Tottenham Court Road.

TfL’s £17m bonuses condemned

In a written answer to LibDem Assembly Member Mike Tuffrey, Mayor Boris Johnson has confirmed that the total amount of bonuses paid to TfL staff was £17.2 million, up from £10.6 million in the previous year.

Investment in London’s transport “vital” to UK

Continued investment in London’s transport infrastructure is “vital” if the capital is to continue to prosper, Boris Johnson told business leaders on Tuesday.

TfL borrows £1bn from EIB to finance Crossrail

The European Investment Bank has agreed to provide a £1bn loan to Transport for London to help the capital’s transport authority fund its share of the Crossrail project.

Crossrail business supplement open for consultation

The Greater London Authority is inviting comments on proposals to levy a Business Rates Supplement (BRS) to help finance the Crossrail scheme.

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