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Government provides £350M loan to deliver Crossrail

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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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Readers' comments (3)

  • I thought this was the perfect BIM project ...... ahead of schedukle and under budget ... or was Worstenholme simply unable to manage a large project ???

    see wp.tdocplus.co.uk for a discussion on BIM

    And yet again I ask: "so what does BIM have that we haven't had before ?"

    Eur Ing Richard Townsend-Rose

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  • Michael Thorn

    All predictable. Read BentFlyvbjerg et al - "Megaprojects and Risk: An Anatomy of Ambition". Cambridge University Press 2003.

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  • Philip Alexander

    So government is lending itself some money which it will repay to itself at some time in the future. Has Crossrail just disappeared down a rabbit hole?

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