Backers of Crossrail’s Woolwich station were this week told there would be no government bailout to supplement any shortfall in private sector funding.
Speaking in a House of Commons debate on the future of the £15.9bn rail scheme, transport minister Theresa Villiers said the inclusion of a south east London station at Woolwich depended entirely on funding from its original supporter Berkeley Homes.
“I want to set this out very clearly. The private sector contribution was pivotal to the station getting the go-ahead”
“I want to set this out very clearly. The private sector contribution was pivotal to the station getting the go-ahead,” she said.
“The government cannot offer additional taxpayers’ money over and above what has been agreed within the current funding programme to replace the shortfall in the private sector contribution that Berkeley Homes promised to provide,” said Villiers.
Berkeley Homes had promised to fund station box construction to the tune of £186M as well as developing the space around it. The plan involved a 291m long by 23.5m wide and 17m deep box and creating 2,500 homes. It has already spent £5M on the station design but has suffered badly in the recession and has since been attempting to negotiate the extent of its funding commitments with Crossrail.