Mayor Boris Johnson has announced the creation of a new company which will oversee all future development and, subject to funding, construction of the proposed Crossrail 2 rail link.
The service, which could open in 2030, is expected to link Cheshunt in Hertfordshire to Epsom in Surrey, passing through Clapham Junction, Victoria and Tottenham Court Road.
Supporters say it would slash journey times and support the creation of thousands of new homes and jobs necessary to meet the needs of London’s booming population.
Earlier this year a report by PricewaterhouseCoopers suggested that London could self-finance around 60% of the project’s expected £27.5bn costs but Transport for London sources say work is currently underway to develop new funding models which see the capital contribute as much as 75% of the total cost.
This increase in local funding would make it easier for the Government, which has spoken of the need to rebalance infrastructure spending to boost the north’’s economy, to back the project.
Mayor Johnson, said: “Crossrail 2 is a vital infrastructure project needed to give London and the South East the transport links, homes and jobs it needs as the population continues to grow rapidly.
“To continue to develop the project at pace and bring together stakeholders and other advocates, I am asking TfL to set up a company that will have the job of fulfilling the Chancellor’s pledge last year that we must get Crossrail 2 off the page and into construction.”
Transport commissioner Mike Brown added: “The contribution of the Crossrail project, shows how successful we can be in taking forward vital infrastructure projects.
“It makes sense that we now proceed with forming Crossrail 2 Limited for the development phase and get construction underway as soon as possible.”