Crossrail

26.10.18

Crossrail handed £350m government lifeline to prevent further delays

The government has given the Crossrail project a £350m short-term loan in order to prevent it from falling further behind schedule.

The £15.4bn east-west train line was due to open next month but the launch of the Elizabeth line was delayed by nine months after setbacks to station infrastructure and signalling.

The company said in a statement that the revised schedule is necessary to “ensure a safe and reliable railway for customers from day one of passenger service,” and now the government has stepped in to provide extra funding available to the mayor from next year.

Jo Johnson announced the £350m short-term repayable financing in a statement to Parliament, saying the funding will “ensure that full momentum is maintained behind Crossrail.”

The transport minister described it as an interim measure, and that TfL and the government are currently in discussions over how any additional funding will be provided to Crossrail, with London (as the primary beneficiary of the project) bearing any extra costs from the financing arrangement.

TfL and the DfT have commissioned an independent review of Crossrail’s governance and another review on Crossrail’s finance and commercial position.

When open, Crossrail should carry up to 200 million passengers a year, delivering £42bn of investment into the UK economy, the DfT says.

Earlier this month, London transport bosses and the mayor of London were accused of misleading the London Assembly Transport Committee after it “identified grave discrepancies” in evidence given to its investigation.

The London Assembly transport committee chair, Caroline Pidgeon, told RTM that if the claims were true then a Financial Conduct Authority investigation of Crossrail should “absolutely” be launched.

A group of MPs and council leaders also united to call for the Crossrail project to be extended into south London and Kent, asking for £25m funding to draw up a business case for ‘Crossrail to Ebbsfleet.’

 Image credit - Dominic Lipinski/PA Wire/PA Images

Enjoying RTM? Subscribe here to receive our weekly news updates or click here to receive a copy of the magazine!

Comments

There are no comments. Why not be the first?

Add your comment

 

rail technology magazine tv

more videos >

latest rail news

ScotRail submits £18m improvement plan in response to government improvement notice

25/03/2019ScotRail submits £18m improvement plan in response to government improvement notice

Under-fire train operator ScotRail has unveiled an £18m remedial plan to recruit more staff and bring in additional high-speed trains in re... more >
Major redevelopment plans for Edinburgh Waverley station unveiled

25/03/2019Major redevelopment plans for Edinburgh Waverley station unveiled

Network Rail has launched a consultation on a multi-million long-term redevelopment plan for Edinburgh’s Waverley Station. With annual... more >
Failings found as passengers on stranded train walk on live track in ‘potentially lethal’ incident, RAIB says

25/03/2019Failings found as passengers on stranded train walk on live track in ‘potentially lethal’ incident, RAIB says

Dozens of passengers left “increasingly uncomfortable” on a stranded train at Lewisham left their train and walked along icy tracks s... more >

editor's comment

23/01/2018Out with the old...

Despite a few disappointing policy announcements, especially for the electrification aficionados amongst us, 2017 was, like Darren Caplan writes on page 20, a year generally marked by positive news for the rail industry. We polished off the iconic Ordsall Chord (p32), hit some solid milestones on Thameslink (p40), progressed on ambitious rolling stock orders (p16), and finally started moving forward on HS2 (p14) ‒ paving the way for a New Ye... read more >

last word

Encouraging youngsters to be safe on the railway

Encouraging youngsters to be safe on the railway

This summer, Arriva Group's CrossCountry and the Scout Association joined to launch a new partnership to promote rail safety among young people. Chris Leech MBE, business community manager at the... more > more last word articles >

'the sleepers' daily blog

The West Midlands 30-year strategy

19/03/2019The West Midlands 30-year strategy

Malcolm Holmes, executive director of West Midlands Rail Executive (WMRE), outlines the West Midlands Rail Investment Strategy 2018-2047. The West Midlands Rail Executive was formed three years ago to give local authorities a direct influence over the award of the region’s main rail franchise. Working with the Department for Transpo... more >
read more blog posts from 'the sleeper' >

comment

Caledonian Sleeper: a railway icon re-imagined

19/03/2019Caledonian Sleeper: a railway icon re-imagined

The world-renowned Caledonian Sleeper, due to begin operations at the end of spring 2019, completed its first Scotland to London journey earlier ... more >
26-30 Railcard: taking advantage of opportunities

19/03/201926-30 Railcard: taking advantage of opportunities

After a nine-month national trial, the rail industry launched its seventh National Railcard for 26-30-year-olds on 2 January 2019. Rail Delivery ... more >
East West Rail: the next steps

19/03/2019East West Rail: the next steps

In January, five route options for the central section of East West Rail were published as part of a public consultation on the next phase of the... more >
Rail's role in transit-orientated developments

19/03/2019Rail's role in transit-orientated developments

Jonathan Bray, director at the Urban Transport Group (UTG), argues that transit-oriented developments are the future – and that rail has a ... more >

rail industry focus

View all News

interviews

Women in rail - is the industry on the right track?

12/03/2019Women in rail - is the industry on the right track?

RTM sits down with Samantha Smith, sole female member of the TransPennine Route Upgrade Alliance Leadership Team, to find out more about encourag... more >