Crossrail 2 could be worth up to £102bn to the UK economy – triple the £32bn estimated cost of the project - according to research.
A study by Transport for London (TfL) and Network Rail, which includes an analysis by KPMG, came to the figure by looking at how the project would ease housing and transport constraints on the economy, thereby increasing output.
Crossrail 2 will serve London, Hertfordshire and Surrey and provide capacity for an extra 270,000 people to get into central London during the morning peak.
In addition, there would be benefits to the civil engineering sector during construction and beyond.
Civil Engineering Contractors Association chief executive Alasdair Reisner said: “The economic benefits of Crossrail 2 will be felt across the length and breadth of the UK, potentially supporting 60,000 full time jobs in the supply chain and providing a boost to UK engineering, construction and manufacturing sectors.
“Improving the way manage our vital infrastructure, through visibility of investment and workload, enables investment in skills, equipment and innovation, reducing delivery costs and making savings for the taxpayer.”
Network Rail head of Crossrail 2 Chris Curtis said: “This report highlights that Crossrail 2 is the best long term answer to meeting the growing demand for rail travel across the region.
“As well as opening up new regional connections across London, this new railway will deliver significant extra capacity for services into London Waterloo from Surrey, Hampshire and beyond and into London Liverpool Street from Hertfordshire and Cambridgeshire supporting economic growth from the Solent all the way to the Wash.”
The government earlier this year announced plans to safeguard from development a preferred route for Crossrail 2 from Wimbledon, south-west London to Tottenham Hale and New Southgate in north-east London.
In July, former local government chief Sir Merrick Cockell was put in charge of maximising the benefits of Crossrail 2.