Crossrail on track after funds pledge

By John Hill on October 4, 2007 12:00 AM

CROSSRAIL looks set to be given its long-awaited green-light after the City of London agreed to chip in with some of the cost of the #16billion rail link.
The City of London Corporation, the local authority for the square mile, resolved to make a contribution to the east-west line on Tuesday (October 2) night "after lengthy discussion".
The announcement is believed to have slotted the last piece of the Crossrail funding jigsaw into place.

The cost of the scheme is expected to be met by a combination of government funding, fare revenues and business contributions. Prime Minister Gordon Brown announced during a visit to
Canary Wharf this week that businesses who stood to gain from Crossrail would be expected to contribute.
In a speech at Reuters news agency's South Colonnade headquarters on Monday (October 1), he said: "A comprehensive package is now needed to fund the #16billion required, largely from the public sector but also from the proceeds of the business rate and a contribution from certain London businesses and developers who will be benefiting significantly from Crossrail."
The City of London would not confirm whether it had contributed the whole of the reported #350million funding gap for the project. Canary Wharf Group is among the London businesses that have pledged funds after transport secretary Ruth Kelly demanded "very substantial contributions" two weeks ago.
Crossrail is regarded as an essential transport link for Canary Wharf, which is expected to attract more than 100,000 extra workers in the next 20 years.
Mayor of London Ken Livingstone said: "The Corporation of London's decision to contribute to meeting the funding gap for Crossrail is very welcome.
"It reflects the benefits it will bring to the City of London and indeed to London as a whole - other London businesses such as the Canary Wharf Group and BAA have also contributed, as well as Transport for London.
"I hope it will now be possible to agree a final overall funding package for Crossrail and for a positive announcement to be made."
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