Crossrail opening date slips as new finance package agreed

The revised opening date of autumn 2019 for Crossrail appears to be no longer achievable following a review. The government has confirmed a £1.4bn package to cover the increase in costs with additional flexibility to increase the package if required.

The Greater London Authority (GLA) will borrow up to £1.3bn from the DfT. The GLA will repay this loan from the existing Business Rate Supplement (BRS) and Mayoral Community Infrastructure Levy (MCIL). The GLA will also provide a £100m cash contribution, taking its total contribution to £1.4bn which it will provide as a grant to TfL for the Crossrail project.

Because the final costs of the Crossrail project are yet to be confirmed, a contingency arrangement has also been agreed between TfL and the Government. This will be in the form of a loan facility from the DfT of up to £750m, should the higher end of the estimate be realised.

This combined financing deal will replace the need for the £350 million interim financing package offered by the Government in October.

Source: TfL press release

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