The government has provided an additional £350M to the London Mayor’s Office to deliver Crossrail.
The Department for Transport (DfT) has made the funds available to “ensure that full momentum is maintained behind Crossrail”.
The £350M has been provided as a short term loan.
In August, the project’s bosses announced that they were delaying the opening of the central section of the line until the end of 2019, up to a year after the planned opening date of December this year.
A cost increase of £600M due to “engineering challenges” was announced in July which took the total project cost to £15.4bn.
Earlier today, New Civil Engineer revealed a revised timetable of works and testing for the route.
Rail minister Jo Johnson said: “Discussions between Transport for London and government are underway as to how any additional funding will be provided, with London – as the primary beneficiary of Crossrail – bearing any additional costs via a financing arrangement.
“TfL and the DfT have commissioned an independent review of Crossrail’s governance and a separate review on Crossrail’s finance and commercial position.
“As an interim measure, we are announcing that £350M of short term repayable financing will be made available to the mayor for the year 2018/19. This will ensure that full momentum is maintained behind Crossrail.”
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