London First

The government’s go-ahead for Crossrail, announced on 5 October 2007, was met with applause and relief by London’s business community. 

London First has been campaigning for this vital east-west rail route since its inception in 1992. Here’s why:

Crossrail, along with continued improvements to the quality, reliability and capacity of the Tube, are the two most vital pieces of publicly funded infrastructure London needs. They will play a critical role in supporting London’s growth and economic success.
 
Scheduled to open in 2018, Crossrail will:

• add 10% to London’s rail capacity;
• bring 1.5 million people within a 60-minute commute of the city, from outer London and beyond;
• link Heathrow, the West End, the City and Docklands, providing extra capacity where it is needed most – to get people to work;
• help to create an estimated 30,000 high value jobs which would not otherwise exist.

The benefits of Crossrail to the UK economy are calculated at £42bn, resulting in a £17bn tax boost for the Treasury. Direct benefits include shorter journey times and reduced overcrowding on other transport, in particular the Tube. Wider benefits include more productive jobs, an increase in productivity and increased labour force participation.

The total cost of Crossrail is £15.9bn. Central government, through the Department for Transport’s grant to Transport for London, accounts for just £5.1bn of this total, paid over the lifetime of the project. Over two-thirds of the costs come from other sources, including future fare revenue, a range of private sector contributions and a supplement on business rates (BRS) paid by London’s larger businesses.
 
Given the pressures on public finances, the business community strongly supports robust action to drive down Crossrail project costs and ensure value for money. But cuts to the scope of Crossrail are a false economy. The benefits of Crossrail far outweigh the costs.

Safeguards for London transport - letter from business leaders to the Guardian (10 May 2010) 

Crossrail route map

Contact Rob Fox on 020 7665 1502