LONDON mayor Ken Livingstone has called on developers to continue investing in the capital despite stringent planning rules.
Speaking at the Mipim property conference in Cannes last week, he said some London boroughs were turning down close to half of the applications received. He said: 'We often get barking-mad objections.' Mr Livingstone added that he expects the east-west London rail link, Crossrail, to get the planning green light.
The scheme is being handled by US project manager Bechtel. Mr Livingstone said: 'They will manage the project right through to completion.
The costs seem to be coming down to the £10 billion mark and we are set to have the funding package secured within the next 18 months.' The mayor also said he would like to work with a limited number of developers in the run up to the 2012 Olympic Games.
He said: 'We'd be quite happy if we were just dealing with Stanhope and Westf ield.'