Crossrail funding deal finalised
Those living in London are set to benefit from the announcement of new funding for Crossrail.
A total of £350 million could be made available for the project, following a deal between the City of London Corporation, Transport for London, the Department for Transport and the Greater London Authority.
The City of London Corporation is providing £200 million, while the rest of the funding will be sought from businesses.
Andrew Adonis, transport minister, remarked: "This is a landmark moment in the delivery of Crossrail. It is a hugely important scheme that will be crucial in keeping London and the rest of the country globally competitive."
The project is due to be completed in 2017 and is expected to create 30,000 jobs, as well as increasing the capital's rail capacity by ten per cent.
London mayor Boris Johnson recently proposed a number of measures to boost the city's economy, including beginning work on Crossrail as early as possible.
Published 4th December, 2008
© 2008 Estates IT Limited
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Those living in London are set to benefit from the announcement of new funding for Crossrail.