Transport secretary Grant Shapps has confirmed that the government will loan Transport for London an extra £825m to fund the completion of Crossrail.
Crossrail, which connects east and west London, is running three years behind its original expected completion date. Its central part is now expected to open in 2022.
The latest loan from the government comes on top of a £2.15bn financing package for the project in 2018.
Earlier this month, the government agreed a £1.7bn funding package for Transport for London to support the organisation until March 2021, after its finances suffered as a result of the covid-19 pandemic. The deal makes up the fare revenue that TfL has lost since England entered its first lockdown in March.
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Interesting isnt it how Covid 19 is again used as a reason for spiralling costs HS2 example.
How do TFL know the loss of revenue? all costs would be guestimates anyway, why do they not say and be open about it, we under estimated the costs of the project. And, please before anyone connected to HS2 or TFL says, you do not understand the economics of these projects, my answer is, if it was you paying the bill would you not want a detailed breakdown of how and why you arrive at these costly over run requests. The government, is to these major contractors a Money Tree. Why not try a design and build to a fixed price.