Financial planning for Crossrail 2 has taken a step forward, with transport secretary Chris Grayling and London mayor Sadiq Khan holding talks to see how London can pay for half the project over construction.
Crossrail 2 was estimated to cost £30bn at 2014 prices. In a joint statement today, the transport secretary and the mayor said they agreed 'there is no doubt London needs new infrastructure to support its growth and ensure it continues as the UK’s economic powerhouse'.
Proposed Crossrail 2 route
The statement added that London has shown how it could pay for half of the scheme over its life, but the Department for Transport and the mayor's office want to see how City Hall funds could pay for half during construction.
'They agree on the need to ensure a funding package which works for both London and the rest of the country and recognises other priorities, but also delivers the new capacity and connectivity that London needs,' the statement said.
Following an initial meeting on Tuesday 18 July, the pair agreed to examine ways to improve affordability over the coming months ahead of this autumn’s Budget.
Mr Grayling said: 'I am a supporter of Crossrail 2 but given its price tag we have to ensure that we get this right.
'The mayor and I have agreed to work together on it over the coming months to develop plans that are as strong as possible, so that the public gets an affordable scheme that is fair to the UK taxpayer. Following a successful outcome being reached I am keen to launch a fresh public consultation to help gather views to improve the scheme and clarify the position around the safeguarded route.'
Mr Khan said: 'Crossrail 2 is essential for the future prosperity of London and the south east, so I’m pleased that the transport secretary and I have reached an agreement to take this vital project forward. We will continue to work together to ensure the project is value for money and provides the maximum benefits for jobs and growth in the region over the coming decades. I look forward to moving to the next stage of consultation.'
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