Funding the Elizabeth Line

During the project’s life from 2005, there has been a Labour, a Conservative-Liberal Democrat coalition, and a Conservative government, and all parties have supported it.

At the time it was Europe’s largest construction project, and when the Crossrail Act became law in 2008 it was projected to deliver a £20 billion boost to the UK economy.

The benefits are now stated to be £42bn, while of the original £15.9bn cost (at one point trimmed back in government cuts), it is now expected to come within the revised target of £18.8bn.

Of this £18.8bn package, the Department for Transport has provided £5.1bn, Transport for London £2bn and Network Rail £2.9bn.

Other major funding is from DfT loans (£2.9bn), local government borrowing, business rates and direct borrowing (£4.1bn).

The rest comes from business contributions (£720m), local government grants/levies (£650m), and sales of surplus land/property (£550m).