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Crossrail funding levy could inhibit development

Business group London First chief executive Baroness Jo Valentine has warned proposals to gather Crossrail funding via a Community Infrastructure Levy (CIL) could stymy development.

“Crossrail must proceed to provide capacity for London’s economic growth. It is vital however that the CIL charge is not set too high thus preventing development and the very growth it is supposed to support,” she said.

“We will examine the detail of the Mayor’s proposals with our business members and respond to the consultation.

“The draft schedule for the Mayoral CIL is the opening position in a long consultation process about this important component of the Crossrail funding package. We welcome the pragmatic proposed solution to the potential overlap between CIL and Section 106 payments for developments close to stations.”

Mayor of London, Boris Johnson published a draft schedule for the CIL which will gather funding contributions from London-wide development for the Crossrail project.  

This is the start of a long consultation process which should result in the levy being introduced during 2012.

London First’s members include London’s major employers and leading developers.

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