City pledges financial support for the £16bn scheme

Crossrail has been given the green light after the City agreed to financially back the £16bn scheme.

At a meeting yesterday, the City of London Corporation said it would support the scheme financially. Details of the exact sum haven’t been disclosed, but a report in the Guardian today hinted at the £300m that the government has allegedly been seeking from the City.


Michael Snyder, head of policy at the City, said: “Crossrail is an absolutely vital project for London because we need it to increase our transport capacity.”

The news follows Gordon Brown’s announcement yesterday of the government’s full support for Crossrail.

BAA and Canary Wharf Group agreed to financially back the scheme last week.

The overall cost is expected to be split three ways between the government, London businesses and the fare revenues.