£16 billion Crossrail for London

Prime Minister Gordon Brown has announced that the much awaited Crossrail scheme in London is to proceed. The east-west route will improve journey times for many commuters and strengthen London’s status as the world’s leading business city.

The project is expected to create 30,000 jobs and work is to commence next year and scheduled for completion in 2017. Trains will run from Maidenhead, via Heathrow, the West End and the City to Canary Wharf and beyond.

Business leaders and politicians were said to be delighted with the decision to proceed but mixed with frustration that it had taken so long for the Government to come up with the funds.

London Mayor Ken Livingstone remarked with a capacity twice that of the Jubilee line and expanding London’s rail capacity by 10%, it is the largest addition to the transport system for more than 50 years.

The news follows a week of talks between the Treasury, Department of Transport and the City. Discussions nearly broke down after the Government demanded business leaders fork out an extra £1 billion towards the final bill.

However, the step forward came when the Corporation of London agreed to find £350 million, £200 million from its own resources and £150 million from City funds. Heathrow owner BAA and the Canary Wharf Group will make up the rest of the shortfall.

A number of obstacles still need to be cleared before work can commence, one being concerns about whether London has the skills and expertise to perform another major construction project alongside the Olympics.

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