Search

Taxpayer to foot bill directly for Crossrail trains because of global Recession

PUBLISHED: 14:13 01 March 2013 | UPDATED: 14:13 01 March 2013

From the sky... Crossrail's excavation shaft at Stepney Green

From the sky... Crossrail's excavation shaft at Stepney Green

Crossrail

The global Recession has been blamed for the entire fleet of trains for London’s new Crossrail line now having to be paid for directly by the taxpayer—to make sure they arrive ‘on time’.

The taxpayer is picking up the tabs for the entire £1 billion bill so that all 600 carriages can be built, tested and ready for Crossrail’s opening by 2018, it has emerged.

The Transport Secretary originally wanted to raise two-thirds of the funds on the City money markets, paid back over 30 years, with the taxpayer forking out the rest.

But the entire cost is now being billed directly through taxes to speed up delivery, Transport for London announced today.

“The state of the global market means Private Finance is proving slow to raise funds,” explained a TfL spokesman.

“It would have meant contracts and delivering the trains would be later than planned.

“We want to start testing the trains from 2017, ready for Crossrail opening the following year.”

Meanwhile, three miles of tunnels have been completed so far, with the spoils taken out through several access shafts along the route including the shaft at Stepney Green, on the site of Stepping Stones urban farm (pictured from the air).

Five giant twin-tunnelling machines are drilling their way 26 miles across London, two of them now approaching Canary Wharf from Crossrail’s Canning Town construction site.

Latest East London News Stories

Yesterday, 12:00

A traditional rural theatre of ancient Bengal that uses hunting for story-telling through folk opera and dance in a theatrical setting comes to Bethnal Green tomorrow.

Yesterday, 10:00

Wondering what the weather has in store for us this weekend? Watch our Met Office video forecast.

Since the government’s austerity programme started in 2010, the council’s core funding from government has been cut in real terms by 64 per cent, which equates to £148m.

Yesterday, 07:00

Former arm-wrestling champ and Whitechapel stallholder Les Clayden is going back to his cockney ‘daisy roots’ to talk about ‘Swimming with Stingrays’.

Fri, 18:21

Police have found the body of a missing student with links to east London.

Fri, 16:14

The mayor of Tower Hamlets has voluntarily had a blood test for Aids in a council campaign for public awareness for people to take part in HIV Testing Week starting tomorrow.

Fri, 13:48

Campaigners have called for support ahead of a national unity demonstration against racism and fascism.

Fri, 11:45

Police are appealing for help in finding a vulnerable man who has been missing for more than a week.

PROMOTED CONTENT

Are you a landlord looking for a fixed rental income, paid whether the property is empty or not? Steve Westley, general manager at estate agents Elliot Leigh, explains their Guaranteed Rent Scheme and how it takes the stress out of letting your property.

Newsletter Sign Up

East London Advertiser twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read news

Show Job Lists

Digital Edition

cover

Enjoy the
Docklands and East London Advertiser
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now