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. In 2018, the funding envelope was increased to £17.6 billion. Additional funding has since been required by Network Rail to complete this vital project, and in July 2019 the funding envelope increased to £17.8 billion.
Both the Department for Transport (DfT) and Transport for London (TfL) remain committed to the successful delivery of the project and have agreed an overall funding envelope of £17.8 billion for delivery of the project.
Over 60% of the project’s funding has been provided by Londoners and London businesses.
The key elements of the current funding package are show in the below: