The UK’s Transport for London (TfL) is proposing the establishment of a new wholly owned subsidiary to undertake the £27bn Crossrail 2 project.

Crossrail 2 Ltd will be managed by a board consisting of non-executive directors and senior TfL officers, and will draw from senior industry expertise.

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The proposal will be considered by the TfL board on 17 December.

"It makes sense that we now proceed with forming Crossrail 2 Ltd for the development phase and get construction underway as soon as possible."

London mayor Boris Johnson said: "Crossrail 2 is a vital infrastructure project needed to give London and the South East the transport links, homes and jobs it needs as the population continues to grow rapidly.

"To continue to develop the project at pace and bring together stakeholders and other advocates, I am asking TfL to set up a company that will have the job of fulfilling the chancellor’s pledge last year that we must get Crossrail 2 off the page and into construction."

Crossrail 2 will link south-west and north-east London through a 36km underground tunnelled section between Wimbledon and Tottenham Hale and New Southgate. It will connect with existing National Rail networks in Surrey and Hertfordshire.

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The project is expected to create 200,000 new jobs and boost the UK economy by up to £102bn.

TfL and Network Rail have submitted a comprehensive business case to the government, which will now be considered by the new National Infrastructure Commission.

The commission is expected to give its report next year, and construction is likely to begin in 2020.

London transport commissioner Mike Brown MVO said: "It makes sense that we now proceed with forming Crossrail 2 Ltd for the development phase and get construction underway as soon as possible."