Enough private investment could be found to meet government targets for the construction of the £12 billion Crossrail 2 project, a new report has stated.
The report, which was conducted by a taskforce in association with London First, suggests that the new railway could be built in line with a Treasury target requiring more than half of the funding to come from private sources.
‘Funding Crossrail 2’ states that Crossrail 2 would add an extra 12 per cent to the existing rail capacity in the capital and relive the ‘intolerable pressure’ on London’s public transport network.
Altogether, the report identifies £23 billion of possible funding streams.
Taskforce chairman Francis Salway, former chief executive of Land Securities, said: “Failure to invest would make life intolerable for Londoners, hamper London’s economic growth and hit government tax receipts.
“We may be half way through Crossrail 1, but its success – and the pressing need for extra capacity in London – means now is the time to be pushing forward with plans for Crossrail 2.”
