Home Breaking Troubled Crossrail gets £1.4bn bailout

Troubled Crossrail gets £1.4bn bailout

by Purvai Dua
10th Dec 18 2:41 pm

Mayor Sadiq Khan has confirmed a £1.4bn bailout for the delayed Crossrail project, which will no longer meet its autumn 2019 launch date.

London’s £15bn route, to be known as the Elizabeth line, had been due to open this month but its opening has now been delayed indefinitely.

Khan added the new deal means “Crossrail’s new leadership can get the job done”.

Khan will seek to repay the loan — delivered to the Greater London Authority — through two existing business taxes in the capital, according to the Financial Times.

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