October date looms for crossrail

By admin on September 27, 2007 12:00 AM

BUSINESSES and politicians are bullish about ironing out the details of Crossrail as a key funding deadline looms.
The Government believes an announcement must be made on the #10billion east-west rail link by the time its Comprehensive Spending Review is published next month.
A sticking point appears to be the level of funding by businesses, with transport secretary Ruth Kelly calling for "very substantial contributions".

While several Wharf-based businesses declined to comment, Canary Wharf Group confirmed it was "exploring ways of supporting the project with other parties that will benefit from it."
The Government hopes to use business funding to cover the shortfall for the project. But City high-flyers such as Corporation of London chief Michael Snyder have countered that, while they are willing to pay their share, they are "not willing to hand the Government a blank cheque".
Liam Kane, chief executive of the East London Business Alliance, said: "There is a broad consensus that a rise in business rates would be acceptable. Anything above that would not be quite so popular."
Baroness Jo Valentine, chief executive of business organisation London First, said firms were determined to see the project go through.
She said: "The business community have dragged an often reluctant Government to this point.
"We're not going to sacrifice this most important investment in London's transport infrastructure for the sake of a few hundred million pounds."
Crossrail chiefs hope to gain Royal Assent by next year for the scheme, which was first announced in 1989.
Department for Transport under-secretary Jim Fitzpatrick, who also represents Poplar and Canning Town, said: "There's a lot of anxiety about Crossrail right now because we're so close.
"There have been strong discussions between businesses and Government in recent weeks. Obviously if we don't make that October window, it could make life a little awkward."
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