A report has shown that Crossrail 2 could be delivered with less than half of the cost coming from the central government.
Last year, announcing the government’s contribution of £2m to support initial work on the project’s feasibility, Chief Secretary to the Treasury Danny Alexander challenged Crossrail 2 supporters to show “how at least half of the cost of the scheme can be met through private sources, ensuring it will be affordable to the UK taxpayer”.
The London First study found that by combining funding from passengers, property developers, Network Rail, London businesses and residents, that challenge for green-lighting Crossrail 2 can be met.
Today’s report identifies over £23bn of potential funding – almost double the estimated £12bn cost – with those who benefit most from Crossrail 2 doing most to fund it.