Crossrail will need an estimated £500M bailout in order to keep the project running, it has been revealed.
Power supply and signalling problems have sent the £14.8bn project over budget, the Sunday Times reported. The bailout is expected to be announced in the next few weeks, the newspaper said.
The huge infrastructure project has been hit by several problems as it nears completion. Last week Transport for London (TfL) board papers revealed that there are still ‘’significant cost and schedule pressures” threatening the scheme.
The rollout of Elizabeth Line trains on Crossrail’s Heathrow branch has been delayed by signalling problems, it was announced last month.
The new trains were expected to be introduced on the branch connecting Paddington and Heathrow this month but delays to the testing of the signalling system in the Heathrow tunnel and onboard the trains have pushed the date back to later this year.
Crossrail Ltd developed a “revised delivery schedule” to save the December 2018 opening date of the central section between Paddington and Abbey Wood from being pushed back after suffering design flaws and testing problems, it announced earlier this year.
The Department for Transport said there will be an update on the financial position in June.
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