A deal for funding should be agreed ahead of any hybrid Bill

Published: Updated:

A ‘London deal for Crossrail 2’ funding agreement, through which London contributes more than half the costs of the scheme and which includes substantial measures to realise the full housing benefits, should be agreed ahead of hybrid bill submission.
It is vital that a funding package for Crossrail 2 is developed which strikes a fair balance between the contributions made by London taxpayers and businesses and by central government. This should build on the work already undertaken by TfL, which indicated that around half the cost of the project could be funded from London sources.
The government should work with TfL and GLA to explore new funding options, which could include consideration of further devolution. However, even without such devolution, HM Treasury should be in a position to recoup significant receipts from the added Gross Value Added (GVA) benefits and the rising value of property in London.

A London deal for Crossrail 2 will need to cover both the funding of the project and the planning measures required to deliver Crossrail 2’s benefits.

Share this article

Related studies

Transport for a world city
<

Recent Articles

Coming up in 2022
Thumbtack pins in calendar concept for busy, appointment and meeting reminder

Coming up in 2022

This page shows a calendar reflecting the latest expected dates for Commission reports, publications and events. You can also sign up to receive our quarterly newsletter by entering your email address in the box at the very foot of our homepage; or sign up to receive updates specifically on the programme for the second National...

22 Feb 2022 By
We’re recruiting – Senior policy adviser
Digital city image

We’re recruiting – Senior policy adviser

We have a great opportunity for an experienced policy professional with an interest in and good experience of the digital infrastructure space, but who also has the breadth of skills and knowledge that would allow them to work across all areas of our policy remit. Work is underway in earnest on our second National Infrastructure...

17 Aug 2022 By
We’re recruiting – Head of Governance
Image of a meeting pack

We’re recruiting – Head of Governance

The operational independence of the Commission is crucial both to the credibility of the advice it provides to government and its capacity to deliver its responsibilities effectively. To help achieve that, the Commission is supported by a number of boards and committees that oversee and monitor its performance and ensure that its duties are performed...

17 Aug 2022 By
Armitt on drought resilience: fixing leaks, reducing demand, building supply
Dry soil and patchy grass

Armitt on drought resilience: fixing leaks, reducing demand, building supply

In a comment piece for The Times’ Red Box, Commission Chair Sir John Armitt today sets out steps to help reduce the risk of future severe drought in England. The piece, reproduced below, argues for further action on identifying leaks, expanding water metering and reducing consumer demand, and building new supply and transfer infrastructure. Sir...

8 Aug 2022 By

Evidence_Icon_Turquoise Created with Sketch.

Explore data used in the Commission's research, and gain insights from across UK infrastructure

Join our team of professionals supporting the Commission to provide evidence based and forward thinking advice on infrastructure strategy.