Traverse | TfL secures £ 825million government loan to complete work

TfL and the mayor’s office secured the additional funding, after weeks of negotiations with the Ministry of Transport and Treasury.

This funding is separate from £ 1.8bn government bailout granted to TfL to cover a significant drop in income due to Covid-19 restrictions.

It was feared that work on the project could be “put on hold” in the coming weeks without the additional funding.

Crossrail said it would need an additional £ 1.1bn to complete the project after the latest construction delay was announced in August.

The Elizabeth line is now not expected to open until the first half of 2022.

The funding will be split into a £ 500million loan with a fixed repayment profile and a £ 325million loan which will be repaid subject to future income from MCIL and BRS. Ultimately, that means Londoners will foot the bill.

The government will have to make some legislative changes to allow this borrowing, which it has agreed to do.

London Mayor Sadiq Khan said: “Obtaining this financial package allows us to move forward with opening the central section of the Elizabeth Line as soon as possible.

“The government has insisted that London must pay for the shortfall – despite the overwhelming majority of tax revenues that will result from Crossrail going to the Treasury.

“This is another example of London supporting the country far beyond the help we get from this government.

“I don’t want this project stalled, so digging deep is vital to get the railroad up and running. I will continue to closely monitor progress and do all I can to minimize costs – helping to ensure that London and beyond can reap its many benefits as soon as possible. “

TfL commissioner Andy Byford added: “I have been very clear that my priority is to open the railway as soon as possible and everyone working on the Crossrail project is also focusing on that. . Confirming this funding is a critical step in ensuring the team can fully focus on the safe delivery of the Elizabeth Line, which is so vital to increasing rail capacity and supporting the economy. “

Crossrail is currently coming to the end of a second blockade of the railroad tracks to make up for lost time.

The blockade began on November 21 and will last for 11 days, Crossrail chief executive Mark Wild revealed in his latest update to the London Assembly.

Wild added that the blockade was put in place to prepare the railroad for Dynamic Systems Integration Testing (SIDT) which is due to begin on December 3.

The tests will involve running up to eight trains in the central section of the track.

It comes as a result of a Six-week blockade “very successful” in the summer that has been put in place to allow for the completion of critical work and make up for lost time due to COVID-19 restrictions.

Wild said, “Delivery of the Elizabeth line is now in its final, complex stages. Good progress continues to be made in completing the remaining infrastructure work so that we begin intensive operational testing, known as Trial Running, as early as possible in 2021.

“Many stations are now nearing completion and we will soon begin an activation phase for the ongoing tests which allows testing in tunnels with an increased number of trains, thus helping to improve operational reliability. We do everything we can to deliver the Elizabeth line as safely and quickly as possible. “

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