The City of London Corporation has finalised a deal – worth up to £350M – which will help deliver the Crossrail project on time and on budget.
The agreement was announced last week by Andrew Adonis, transport minister; Boris Johnson, mayor of London; and Sir Michael Snyder, of the City of London Corporation. The minister and the mayor also announced the signing of a series of core funding and governance agreements that will underpin the project.
The corporation has agreed to make a direct contribution of £200M to Crossrail. In addition, the authority will seek contributions from businesses of £150M, and has guaranteed £50M of these contributions.
This confirms the City’s full support for Crossrail and is the latest in a series of milestones for the project, including the announcement last month of BAA’s £230M funding contribution.
The delivery of Crossrail will provide a boost of at least £20bn to the UK economy as well as generating an extra 30,000 jobs. Transport minister Andrew Adonis said: ‘This is a landmark moment, and once again signals the commitment of businesses to this vital project. It is a hugely-important scheme that will be crucial to keeping London and the rest of the country globally competitive.’
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