London First’s knowledge and influence was integral in securing the Crossrail victory. Now London is relying on their determination and drive to push for the next piece of vital infrastructure: Crossrail II
Labour Peer and former Chair of the National Infrastructure Commission
Funding Crossrail 2
In 2013 London First set up a taskforce of senior business leaders to undertake further work on funding and financing options for Crossrail 2, a proposed new south-west to north-east rail line beneath the capital which would add 12% to London’s rail transport capacity.
The group have now published a report, Funding Crossrail 2, which found that by combining funding from passengers, property developers, Network Rail, London businesses and residents, the Treasury’s challenge of securing funding beyond central Government can be met.
Described by the Mayor of London as “uncontestable”, the case for Crossrail 2 grows ever stronger with this report, which identifies over £23bn of potential funding – almost double the estimated £12bn cost. Crucially, it also finds that less than half the £12bn cost would need to come from central government, meeting a key Treasury demand.
London First will now concentrate on urging the Mayor and central government to negotiate a fair funding package to enable construction to follow Crossrail 1 over the 2020s, which would enable the new line to be open by 2030.
Francis Salway, as chair of the task force, gave a presentation of the report to London First members.
Additionally, the working group has published a research paper by Ruth Thompson which looked at the actual effect Crossrail 1 has already had on commercial property values in central London. Ruth’s report is linked here – Crossrail 2 Working Paper – The Crossrail Effect
Crossrail 2 – Supporting London’s Growth
In February 2013 London First published the findings of its Crossrail 2 task force, chaired by former Transport Secretary, Lord Adonis, which recommended a major new rail link connecting south-west and north-east London, via a tunnel beneath central London.
The new line, Crossrail 2, would transform journeys for commuters from the south-west and the north-east, including Wimbledon, Kingston, Hackney, Islington, Tottenham, Cheshunt and Hertford East. It would also provide essential relief to major London interchanges, including Euston, Victoria and Clapham Junction, and reduce pressure on congested Tube lines. In some cases, journey times would be more than halved.
If the necessary planning and consultation for Crossrail 2 were to begin now, the new line could be open by the early 2030s.
Read more about our work on Crossrail 2 at www.crossrail2.co.uk
Contact David Leam for further information
Download and read our publications on Crossrail 2.
- Reports (4 documents)