The Crossrail programme will add an estimated £42bn to the economy of the UK, dramatically improving transport links in London and the South East, driving house-building, supporting wider regeneration and creating jobs and business opportunities right around the UK.
ECONOMIC BENEFITS OF THE ELIZABETH LINE
The Elizabeth line will make it easier to travel around and do business in London and the South East. It will reduce congestion on the region’s transport network and link the capital’s major commercial and business districts - Heathrow, the West End, the City and Canary Wharf - more effectively than ever before.
When fully open the Elizabeth line will add 10% capacity to central London’s rail network, bringing an extra 1.5 million people to within 45 minutes of central London.
The Crossrail project is also helping to drive regeneration along the length of the route. It has been projected that new line will support the delivery of over 90,000 new houses. Nearly half of planning applications within a kilometre of an Elizabeth line station has cited the new railway as a justification for the development proceeding, equating to around 5.3 million square feet of residential, commercial and retail space.
ECONOMIC BENEFITS TO THE UK DURING CONSTRUCTION
Over the course of the project, it is estimated that Crossrail and its supply chain will support the equivalent of 55,000 full time jobs across the country. At peak construction, more than 10,000 people were working on more than 41 sites across London.
The project’s supply chain stretches right around the UK, with firms of all sizes, from around the country winning work on the project. Three in five businesses that have supplied the project are based outside London and over half (58%) are SMEs.
CROSSRAIL BUSINESS CASE SUMMARY REPORT
The Crossrail Business Case Summary Report published in July 2010 presents the latest update of the business case for Crossrail, a new world-class and affordable railway across London.
The report confirms the project is supported by the Coalition Government and forms a key part of the Mayor's Transport Strategy, published by the Mayor of London in May 2010.
An updated Summary Report was published in July 2011 taking into account changes to the costs and revenues forecast consistent with the outcomes of the UK Government's October 2010 Spending Review.
To download a copies of the Summary Reports please click on the links below:
For background purposes, also posted here is a summary of the Crossrail Economic Business case, issued in 2003, The Montague Review (carried out in 2004 for the DfT), and an Economic Appraisal of Crossrail, carried out in 2005.