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Mayor says London can meet 'onerous' Crossrail 2 funding target

The mayor of London Sadiq Khan has reaffirmed his commitment to meeting half of Crossrail 2’s mammoth £31bn costs during the construction phase of the project.

Mr Khan said he was “quietly confident” that Transport for London will meet the guidelines set down by the government.

Speaking to City AM, the mayor said: “I’ve been reassured by the noises coming from government.

“One of the asks the government made of us was to pay for half the costs of Crossrail 2 in real time, so not simply paying it after the event, but paying during the course of construction.

“We think that’s onerous and difficult, but we’re trying to meet the needs of the government.”

According to documents filed by TfL ahead of a board meeting this week, the body has completed further work to address the tough affordability challenge laid down by transport secretary Chris Grayling earlier this year when he gave tacit support to the scheme.

TfL is currently looking to reduce the overall cost of the scheme through benchmarking, value engineering and exploring opportunities for additional funding streams including private sector cash.

Last month TfL revealed that it expected a decision to be taken by the chancellor on the future of the project during the budget.

A report by TfL’s programmes and investment team said a decision had been put back due to the snap general election in June.

TfL allocated £13m in additional funding for the project to ensure the planning for the new line stayed on track.

Mr Grayling’s announcement followed an assessment of the scheme by the Infrastructure Projects Authority, which suggested improving its affordability – including increasing London’s contribution to the project’s funding during its construction.

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