New study shows Crossrail responsible for increasing number of planning applications; meanwhile Network Rail reveals £180M flood and storms repair bill.
12pm: London First pushes four-tracking of rail line to Stansted airport
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10am: Crossrail spurring economic development in the Capital – confirmed
The arrival of Crossrail in 2018 is spurring London’s property developers into action, boosting the supply of new residential and commercial developments, according to new research by property consultants GVA.
The research shows that from 2008 to 2013, 41% of planning applications within a kilometre of a Crossrail station cited the new railway as a justification for the development proceeding. Crossrail’s positive influence on development has increased over time, with 15% of planning applications citing it as a factor in 2009, increasing to 48% in the first six months of 2013.
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9.30am: Repairing storm and flood damage will cost Network Rail up to £180M, chief executive Mark Carne has confirmed.
Carne has also confirmed that any work to significantly improve the resilience of the rail network to climate change will not be funded until 2019 at the earliest.
In a letter to the Commons Transport Select Committee, Carne said that the cost of repairs will be in the region of £170M to £180M, with £100M of these repairs covered by insurance. The remainder will be found from within Network Rail’s overall funding settlement.
Carne said that his organisation will not be seeking any other emergency funding settlement and that any capital works that are identified in studies set up following the extreme weather will form part of his organisation’s funding bid for the next CP6 control period, starting in 2019.