Crossrail Update
CROSSRAIL FUNDING ENVELOPE OVER TIME
Despite seeing its funding envelope increase by £3 billion, Crossrail appears to have little financial wriggle-room, according to the latest annual update to Parliament on the project’s finances.
During the passage of the Crossrail Bill through Parliament, a commitment was given that an annual statement would be published by the government until the completion of the construction of Crossrail, setting out information about the project’s funding and finances. The latest update reveals that to 29 May 2019 the Department for Transport and Transport for London had provided a total of £13.2 billion to Crossrail Ltd.
In the past year Crossrail Ltd has spent nearly £1.5 billion – equivalent to approximately £4 million a day – bringing total expenditure by the Transport for London subsidiary up to 29 May 2019 to nearly £14 billion.
According to the schedule announced by Crossrail in April 2019, the new line will open between October 2020 and March 2021, meaning there is at least 13 months of work ahead which, if spending continues at the same rate, would bring the total spend to more than £15.5 billion.
But in addition to the money Crossrail Ltd receives for …
