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29/10/2018

Johnson reveals £350m bail-out for Crossrail

Words: Huw Morris

The government has made a £350 million short-term loan to Transport for London for the delayed Crossrail project.

In July, rail minister Jo Johnson admitted that the project needed an extra £600 million, taking its total cost to £15.4 billion. In September, Crossrail announced the Elizabeth line will not open this December as scheduled and had been delayed until autumn 2019 “to complete the final infrastructure and extensive testing required”.

Announcing the loan, Johnson said: “As an interim measure, we are announcing 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.”

He added that talks over further funding were ongoing, along with a separate review into both Crossrail's governance and its finance and commercial position.

Transport for London had expected to make £20 million in new fares by the end of March 2019. The transport body is also expected to lose £10 million in advertising.

Image credit | Crossrail

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