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Crossrail agrees £350m funding

Transport minister Lord Adonis, Mayor of London Boris Johnson and Sir Michael Snyder of the City of London Corporation have announced a deal worth up to £350 million to help fund Crossrail.

The City of London Corporation has agreed to make a direct contribution of £200 million to the Crossrail project.

In addition, the City Corporation will seek contributions from businesses of £150 million, and has guaranteed £50 million of these contributions.

Mayor of London Boris Johnson said: “This is a crucial milestone and, with funding committed and agreements in place, the pace of delivery will now quicken - with Crossrail transferring to TfL tomorrow, work at Tottenham Court Road beginning in the spring, and delivery partner companies being appointed early next year.”

The Government has pledged £5.6 billion for the new line, which will run from Maidenhead to the west of London to Shenfield and Abbey Wood in the east.

Network Rail will contribute a further £2.3 billion.

Last month Spanish-owned airports operator BAA became the first company to throw money into the pot for the £16 billion scheme.

It is contributing £230 million to the cost in exchange for regular services to London’s Heathrow airport.