Crossrail will need to negotiate a revised funding package following confirmation that the extra money it was allocated a year ago will be insufficient to complete the new railway.
In a statement to the London Stock Exchange on 8 November, Crossrail Ltd’s parent company Transport for London said latest projections show a central cost forecast (including risk contingency) of approximately £15.363 billion. This is £400 million more than the funding agreed by government on 10 December 2018. Further modelling scenarios consider even higher levels of risk of £650 million more than that previously agreed.
Taken together with the money provided to Network Rail to deliver the overground sections of what will become the Elizabeth Line, the Stock Exchange statement indicates that the total cost of delivering Crossrail infrastructure is now expected to be between £18.2 billion and £18.45 billion.
The statement to the Stock Exchange also ruled out the central section of the Elizabeth Line opening in 2020. Crossrail Chief Executive Mark Wild had announced the line would open between October 2020 and March 2021, butt his has now been revised to ‘as soon as practically possible in 2021’.
A feature on Farringdon Crossrail station, one of the most complete on the line, is included in the December 2019 issue of Modern Railways, on sale on Thursday 21 November.