Friday, 26 October 2018

Crossrail delay: £350m loan for London route announced by government

A £350m bailout of the delayed Crossrail project has been announced by the government.

London’s £15bn route, to be known as the Elizabeth line, had been due to open in December, but will now be launched in autumn 2019.

Transport for London said it would miss out on £20m in revenue, but the total cost of the delay could be far higher.

Rail Minister Jo Johnson, said the loan "will ensure that full momentum is maintained behind Crossrail".

The scheme, Europe's biggest infrastructure project, is currently running almost £600m over budget, and the loan has not come without criticism.
Chair of the London Assembly Transport Committee Caroline Pidgeon called the loan "only a sticking plaster to keep the project going".

"Londoners need to know what work is left to open the line, how much this will cost and ultimately who will pick up the tab," she said.

BBC     News.

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