Growth created by Crossrail 2 will more than pay for the scheme, according to London Mayor Boris Johnson.
Speaking on February 10, Johnson urged the Government to give the go-ahead for the project and commit funding in the upcoming Budget, claiming that there would be £4 billion in lost economic benefit for every six months that the scheme is delayed.
Johnson added that Crossrail 2 would be needed in 2030. He argued that funding is required for detailed technical work, and that time is needed for Parliament to seek the necessary powers to build the line.
“If we want Crossrail 2 to be taking people to work in the early 2030s, when it will be desperately needed, there is no time for delay. We need to continue at full-throttle with our development work this year,” he said.
“For that, we need serious funding in next month’s budget. We also need a commitment from government to bring forward the legislation to give us planning powers as soon as possible. Only with that will we be able to start digging early next decade, and have the new trains running to meet the needs of the region’s rapidly growing population.
“Moreover, Crossrail 2 can pay for itself. We are proposing a new mechanism to fund this major project - a conditional funding deal based on the impact Crossrail 2 will have. We want this to be independently assessed because we believe the extra growth from Crossrail 2 will more than pay for the scheme itself. Other cities have struck gain-share deals like this with government, and London is up for the same.”
- For more on this story see RAIL 795 published on March 2