Study calculates major transport and productivity benefits across the region, with some London boroughs gaining £60m a year

Crossrail will deliver £1.2bn a year in transport and productivity, according to a study carried out for the mayor of London.

No borough will be left behind and the benefits will spread across the South-east of England after the railway starts in 2017, the study undertaken by Colin Buchanan.

Faster journey times, reduced road and public transport congestion, improved productivity and higher earnings are the key benefits that the new railway will deliver to both businesses and individuals.

While some boroughs in inner London will benefit by more than £60m a year – including Camden, Greenwich, Lambeth and Newham – the report also found that outer London boroughs will receive a major boost.

In Barnet and Croydon, for example, total earnings of employees alone are expected to increase by around £24m in each borough as a result of the productivity gains that Crossrail will enable business to deliver. Overall, both boroughs are estimated to gain around £30m each.

The mayor of London, Boris Johnson, said the scheme was the scheme for the moment: “This incredible snapshot of the impact of Crossrail confirms the scheme will be hugely advantageous for each of the capital's boroughs and its benefits will be felt beyond London's boundaries.

“During this time of economic austerity, Crossrail is simply the right project at the right time to ensure the future prosperity of our city. The thousands of jobs and opportunities this project will provide will be a considerable boon for residents and businesses throughout London, the South-east and even the wider UK economy.”

Crossrail director of land and property Keith Berryman said the scheme was vital to London's future: “The scale of Crossrail is significant to the economic future of London and the UK.

“The new railway will boost London's rail capacity by 10% when it opens in 2017 and the benefits of reduced congestion on roads and public transport as well as productivity gains by businesses will be felt across the capital and the South-east.”