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Friday 26 October, 2018

Transport For London

Crossrail delay

RNS Number : 3487F
Transport For London
26 October 2018
 

Transport for London (TfL)

 

 

26 October 2018

 

Crossrail delay

 

 

Transport for London ("TfL") announces that on 26 October 2018 Her Majesty's Government issued an update on Crossrail by way of written statement to Parliament.

The statement confirms an interim financing package between the Government and the Mayor of London. The Department for Transport will provide a short-term loan of £350m to London, which will enable Crossrail Limited to continue its construction work and vital testing at pace to open the Elizabeth line to passengers as quickly as possible.  

The joint sponsors of the project have com missioned independent reviews into Crossrail Limited's governance and financing to ensure its projections are robust. These reviews are being carried out by KPMG and once this work is finalised a full financing agreement will be developed by the Government and Mayor of London.

In addition, as a result of the delay in the opening of the Elizabeth line services, TfL is likely to see a reduction in its estimated passenger revenues. The full implications for TfL will be set out as part of the annual business planning process at the end of 2018.

 

A copy of the Written Ministerial Statement is available for viewing at:

https://www.gov.uk/government/speeches/crossrail-delay

 

For further information, please contact:

Transport for London

55 Broadway

London SW1H 0BD

 


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