Following the announcement of the delay to the planned opening of the Elizabeth Line, discussions between TfL and government are underway as to how any additional funding will be provided, with London – as the primary beneficiary of Crossrail – bearing any additional costs via a financing arrangement.
TfL and the Department for Transport have commissioned an independent review of Crossrail’s governance and a separate review on Crossrail’s finance and commercial position.
Today (26 October 2018), as an interim measure, the government has announced that £350 million of short term repayable financing will be made available to the Mayor for the year 2018/19. This will ensure that full momentum is maintained behind Crossrail.
This project is already delivering benefits for the whole of the UK through its cross-country supply chain and its UK built train fleet. When open, Crossrail will be transformative and carry up to 200 million passengers a year, delivering £42 billion of investment into the UK economy.
A further update is set to be provided once the discussions on the financing arrangements have concluded.