The funding framework for Crossrail was put in place in October 2007 when the Prime Minister announced that Crossrail’s cost will be met by Government, the Mayor of London and London businesses. A funding envelope of £15.9 billion was agreed to deliver the Crossrail scheme in its entirety.
Following the Comprehensive Spending Review in October 2010, a revised funding envelope of £14.8 billion was agreed.
The key elements of the funding package are as follows:
The Mayor of London, through Transport for London (TfL) and the Greater London Authority (GLA), is responsible for £7.1 billion of funding. This is made-up of:
- £1.9 billion contribution from Transport for London
- £4.1 billion from the Crossrail Business Rate Supplement
- £600 million from developer contributions (Mayoral Community Infrastructure Levy and Section 106)
- Around £500 million from over-site development opportunities
The UK Government has provided a grant of £4.9 billion.
There are also additional contributions from Canary Wharf Group, Heathrow, City of London Corporation and Berkeley Homes.
£2.3 billion is being spent on upgrading the national infrastructure to the east and west of the central tunnelled section. This work is being financed and delivered by Network Rail.
The construction of the Elizabeth line is one of the most complex and challenging infrastructure projects undertaken in the UK. Construction is now in its final stages.
Additional funding has been required by both Crossrail Limited and Network Rail to complete this vital project.
Both the Department for Transport and Transport for London remain committed to the successful delivery of the project and have agreed an overall funding envelope of £15.4 billion for delivery of the project.
£300 million is being made available to Crossrail Limited for its works in the central section and £290 million is being provided to enable Network Rail to complete their upgrade of the existing railway for the Elizabeth line.
This will enable the completion of the project at a cost lower than the original budget of £15.9 billion before it was reduced to £14.8 billion in the 2010 Spending Review.
Over 60% of the project’s funding has been provided by Londoners and London businesses.