The UK Government is set to provide a £350m loan to Crossrail to complete its Elizabeth line, which will operate between Shenfield, Stratford and Abbey Wood through central London to Reading and Heathrow.

In August, Crossrail announced that the launch of the Elizabeth line would be delayed until next year due to financial shortages. Crossrail is a subsidiary of Transport for London (TfL).

The loan will be used to complete the final phase of the tunnels, as well as work on safety and reliability testing required for railway systems.

UK Transport Minister of State Joseph Johnson said: “As an interim measure, we are announcing that £350m of short-term repayable financing will be made available to the Mayor for the year 2018/19.

“The 118km line is expected to increase London’s rail-based transport network capacity by 10%, as well as reduce journey times across the city.”

“This will ensure that full momentum is maintained behind Crossrail.”

An estimated 200 million passengers annually will benefit from the project, delivering £42bn of investment into the UK economy.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The 118km line is expected to increase London’s rail-based transport network capacity by 10%, as well as reduce journey times across the city.

The line is also set to bring 1.5 million people within 45 minutes commuting distance to major business districts of London.

Crossrail is projected to employ up to 14,000 people at peak construction season in 2013/2015 and create 7,000 additional jobs indirectly.