City is tapped for £350m to keep Crossrail on track
PUBLISHED: 21:58 04 December 2008 | UPDATED: 13:52 05 October 2010
THE City of London is being tapped for a cool £350 million to help get the £16bn Crossrail super tube' back on track. The City Corporation is putting £200m into the kitty and is aiming for another £150m in contributions from big business under a new planning edict announced by the Government today (Thursday)
THE City of London is being tapped for a cool £350 million to help get the £16bn Crossrail super tube’ back on track.
The City Corporation is putting £200m into the kitty and is aiming for another £150m in contributions from big business under a new planning edict announced by the Government today (Thursday).
A deal thrashed out by Transport Minister Lord Adonis with London Mayor Boris Johnson and the City Corporation’s Sir Michael Snyder means major property developers would have to help with Crossrail’s mounting costs.
This would come under Section 106 of town planning regulations where contributions are already made to the public purse in exchange for the green light for new developments.
It would now apply specifically to Crossrail for all applications for office space above 5,000sq ft in London’s Central Activity’ zone and the area around Canary Wharf and Isle of Dogs which are on the Crossrail route.
The deal with the City was described today by the Transport Minister as “a landmark moment” crucial in keeping London and the UK globally-competitive.
It follows last month’s deal with British Airports Authority which is putting £230m into the project.
Crossrail, when built, will be a direct link to Heathrow from Canary Wharf and the heart of London through the City and West End.
Whitechapel would be a major transport hub connecting Crossrail to the London Underground and to the East London Line now being extended north to Dalston and south from New Cross to Croydon.
Crossrail going east would split at Whitechapel, one branch to Stratford and Brentwood, the other under the Isle of Dogs to Custom House, close to City Airport, then under the Thames to Abbey Wood.
It is Europe’s largest construction project, generating 30,000 new jobs and increasing London’s rail capacity by a 10th when it opens in 2017.