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Wednesday, April 14, 2021

Crossrail funding moves a step closer

Mayor of London Boris Johnson today published proposals for consultation that would, through the planning system, seek contributions from most new developments in the capital towards the costs of delivering Crossrail. These will form part of London’s share of the funding package for the project agreed between the Mayor and ministers.

Crossrail, long supported by London’s businesses, will bring significant benefits across the capital, improving the transport system and creating thousands of new jobs. It is estimated that every London borough, not just those on the Crossrail route, will see an annual boost to its economy ranging from £15 million to £115 million. It will support development in key parts of London, including the West End, the Isle of Dogs and the Thames Gateway.

New powers given to the Mayor under the 2008 Planning Act allow him to use the planning system to raise money for infrastructure improvements needed to develop an area through the setting of a ‘Community Infrastructure Levy’. It will be collected on new developments which are approved from the Spring of 2012 aiming to raise £300 million.

The Mayor of London Boris Johnson said:

“There is no underestimating how important Crossrail is to the future of this great city. Every corner of London will benefit once construction is complete and despite the current financial pressures, I am committed to ensuring London meets its fair share of the cost. It is right that the sector that will benefit so much should make its contribution and I am confident that this will not hinder development in the capital. However, through this important consultation I want to ensure we have heard and considered every point of view.”

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