Crossrail 2 could be delayed to bridge funding gap

 

Funding difficulties could put back the full opening of Crossrail 2 by a decade, according to an unpublished document from Transport for London (TfL).

The Financial Times reported that TfL had warned in a business case document that the new north-south London rail link may have to be delayed into the 2040s, beyond its planned opening date of 2033, in order to slow down the rate at which funding is required.

”Local

According to the FT, the document puts forward as an option: ‘Extend construction over a longer period and open in stages, with full services operating by the early 2040s.’ The FT said the business case noted that the idea of phasing in Crossrail 2 services had previously been found to be ‘feasible’.

The Government has yet to give formal approval for the scheme, although it has worked with TfL to explore how it will be funded.

In the business case, which was written in March, TfL said it would be unable to borrow the money to pay for its share. It said: ‘TfL and the GLA’s [Greater London Authority] balance sheets are considerably more highly geared than they were in 2007 when the Crossrail 1 funding arrangements were agreed, in significant part due to investment in Crossrail 1 and other transport improvements.

‘TfL is not in a position to absorb any more incremental borrowing.’

A spokesperson for the Mayor of London told Transport Network: ‘Crossrail 2 is essential for the future prosperity of London and the South East.

‘As announced in July, the mayor and transport secretary have agreed to work together on the project and TfL is finalising a proposal to the DfT that shows how London could fund half of the scheme during construction.’

The proposal is due with DfT 'shortly,' a spokesperson said, however he declined to comment on claims that the construction period would be extended.

TfL says it has always been committed to London paying for half of Crossrail 2 - £30bn at 2014 prices.  

 

Also see

Register now for full access


Register just once to get unrestricted, real-time coverage of the issues and challenges facing UK transport and highways engineers.

Full website content includes the latest news, exclusive commentary from leading industry figures and detailed topical analysis of the highways, transportation, environment and place-shaping sectors. Use the link below to register your details for full, free access.

Already a registered? Login

 
comments powered by Disqus
 
 
highways jobs

Definitive Map Manager

Cambridgeshire County Council
£32,825 - £35,401
This role is based within the Highways Service at Cambridgeshire County Council and provides an unusual and... Cambridgeshire
Recuriter: Cambridgeshire County Council

Bridge Park Operations Manager

Brent Council
£38,799 - £41,706 p.a. inc.
This is an exciting opportunity to play a key role in managing the operations and contributing towards the... Brentford (City/Town), London (Greater)
Recuriter: Brent Council

Assistant Engineer

Cambridgeshire County Council
£21,074 - £30,756
A great opportunity for someone looking to start or develop a career in Highways Engineering including the... Cambridgeshire
Recuriter: Cambridgeshire County Council

Head of Strategic Transport

Cheshire East Council
£64,000 - £75,000 + benefits
We’re committed to “working for a brighter future together” – and we expect you to be too! Cheshire
Recuriter: Cheshire East Council

Regeneration Manager

Mole Valley District Council
£52,895 - £57,143 FTE
This is a great career opportunity to specialise in town centre regeneration and repositioning. Dorking, Surrey
Recuriter: Mole Valley District Council

Technical Services Officer (Mechanical)

Kirklees Metropolitan Council
£36,876 - £38,813
This is an exciting and challenging time for Kirklees and we want to expand our team to manage and deliver construction... Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan Council

Road and Footway Asset Engineer

Kent County Council
£28,925 per annum
An exciting opportunity has arisen to join the Road and Footway Asset Team as an Asset Engineer. Kent
Recuriter: Kent County Council

Head of Waste

Lincolnshire County Council
£65,651 - £70,725
As Head of Waste, you will be commercially focussed and forward-thinking. Lincolnshire
Recuriter: Lincolnshire County Council

Assistant Director

Reading Borough Council
Up to £92k
It’s the ideal time to take the lead on our modernisation agenda, and deliver growth in the trading of our front line services. Reading, Berkshire
Recuriter: Reading Borough Council

Assistant Director – Highways

Lincolnshire County Council
£82,264 - £107,878
Come and lead the future agenda for our highways services. Lincolnshire
Recuriter: Lincolnshire County Council

County Highways Manager

Lincolnshire County Council
£55,503 - £60,578
Seeking a highly motivated leader and an excellent communicator, who has a proven ability to build relationships and trust, leading by example. Lincolnshire
Recuriter: Lincolnshire County Council

Local Highways Manager (East) - Lincolnshire County Council

Lincolnshire County Council
G12 £43,662 - £50,430
Seeking someone who combines excellent technical knowledge with a dedication to the customer. Lincolnshire
Recuriter: Lincolnshire County Council