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Crossrail spending hits £7.5bn

More than £7.5bn has been spent on the Crossrail project so far, the government revealed last night.

Rail minister Claire Perry said in a written statement to Parliament that £7.65bn had been spent by project promoter Crossrail Ltd on creating the trans London rail line.

Perry was providing an annual update on the mega scheme, which is expected to cost a total of £14.5bn when it’s completed in 2018.

The overall project, which officially began in government terms in 2008, is now about two-thirds complete, with tunnelling work finished.

Some £1.6bn was spent in the year to 29 May 2015, Perry revealed.

“The Crossrail Board continues to forecast that the costs of constructing Crossrail will be within the agreed funding limits,” she said. “We expect Crossrail to cost no more than £14.5bn, excluding rolling stock costs.”

When fully operational, Crossrail will add 10% capacity to London’s rail network.

It will serve 40 stations, connecting Reading and Heathrow to the west of the capital with Shenfield and Abbey Wood in the east. An estimated 200M passengers will travel on Crossrail each year.

Farringdon will become one of the UK’s busiest rail hubs with direct connections to London Underground as well as upgraded and expanded Thameslink services.

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