Ministers have agreed further funding for Crossrail following warnings earlier this summer that previously agreed packages of help will no longer be sufficient to complete the delayed project.
The Department for Transport will loan up to £825m to City Hall which will provide the cash to Transport for London as a grant. The Mayor will be responsible for repaying the loan from Business Rate Supplement (BRS) and Mayoral Community Infrastructure Levy (MCIL) revenues.
Mayor 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.
“This is another example of London supporting the country way over and above the help we get from this government.
“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.”
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.”
