£350m funding deal for Crossrail finalised

A £350m deal to help fund the £16bn Crossrail project has been finalised today.

The deal was announced by Transport Minister Andrew Adonis, London Mayor Boris Johnson, and Sir Michael Snyder of City of London Corporation.

The City of London will make a direct £200m contribution to the project. It will also seek contributions from businesses of £150m but has only guaranteed £50m of this so far.

The deal follows an announcement last month that BAA was making a £230m funding contribution.

Mayor of London Boris Johnson said:

“Today is an important moment for London as Crossrail, the largest addition to the transport network in the South East for 50 years, will now move forward full speed ahead. 

“This is a crucial milestone and, with funding committed and agreements in place, the pace of delivery will now quicken - with Crossrail transferring to TfL tomorrow, work at Tottenham Court Road beginning in the spring, and delivery partner companies being appointed early next year.

“Crossrail is vital to London and the UK, providing an enormous boost to the economy and, in the tough economic times ahead, creating thousands of jobs linked to its construction.

“Crossrail has been a dream for many years, and these agreements now give the project the momentum that will make it become a reality.”

Crossrail will run 118 km from Maidenhead and Heathrow in the west, through new twin-bore 21 km tunnels under central London and on to Abbey Wood and Shenfield in the East.

It is expected to be completed in 2017.