The Mayor of London, Transport for London (TfL), the Department for Transport (DfT) and HM Treasury have confirmed an agreed funding and financing package for the final phase of the Crossrail project. This means work on the railway can continue at pace.
Crossrail Ltd announced in August that it expected the Elizabeth line to open through central London in the first half of 2022 and that they would require funding beyond the agreed funding envelope. Crossrail Ltd is continuing to work hard to reduce its funding shortfall, and TfL is ensuring that further independent analysis of costs is carried out.
The shortfall will initially be covered by the Greater London Authority (GLA) borrowing up to £825m from the DfT which will be given by GLA to TfL as a grant. The GLA will repay this loan from Business Rate Supplement (BRS) and Mayoral Community Infrastructure Levy (MCIL) revenues.