"This is a landmark moment in the delivery of Crossrail, and once again signals the commitment of businesses to this vital project. It is a hugely important scheme that will be crucial in keeping London and the rest of the country globally competitive.

Lord Adonis, Transport Minister, announces the finalisation of funding deal with the City of London

Our Sponsors and Partners Crossrail's Sponsors are the Mayor of London, through Transport for London, and the Secretary of State for Transport through the Department for Transport.

Funding

The £15.9 billion funding framework was put in place in October 2007 when the Prime Minister announced that Crossrail's cost will be met by Government, Transport for London and London businesses:

  • Government will contribute by means of a grant from the Department for Transport of over £5 billion during Crossrail's construction.
  • Crossrail farepayers will contribute towards the debt raised during construction by Transport for London, and Network Rail through projected operating surpluses from the use of Crossrail's services.
  • London businesses will contribute through a variety of mechanisms, including the Supplementary Business Rate.

There are also considerable financial contributions from some key beneficiaries of Crossrail:

  • The City of London Corporation has agreed to make a direct contribution of £200m and in addition will seek contributions from businesses of £150m, and has guaranteed £50m of these contributions.
  • BAA has agreed to a £230 million funding package.
  • Canary Wharf Group has agreed to contribute £150m towards the costs of the new Canary Wharf Crossrail station at Canary Wharf. Canary Wharf Group will also design and build the new station.
  • Berkeley Homes has agreed to construct a station box for a station at Woolwich.

The £15.9 billion budget for the project is a fully inclusive cost, allowing for both contingency and expected inflation. The construction process will also be managed and run in line with the financial requirements and testing models of the Office of Government Commerce.

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