Green Light for Crossrail

The Government has approved the £16 billion east-west London Crossrail scheme. The long-awaited decision will see the new fast train link running from Maidenhead in the west to the Thames Gateway and Essex in the east via six stops in central London. The line is expected to open in 2017 and will provide a huge boost to businesses across the capital as well as bringing in new investment from overseas and across the UK. The Government has also predicted that the scheme will generate an additional 30,000 jobs and help to maintain London's position as a world leading financial centre.

Crossrail will cut journey times from Maidenhead to Liverpool Street by 20 minutes and will enable passengers to travel from Brentwood to Bond Street in just 45 minutes. The rail route will carry 24 trains through London every hour, with each train carrying 1,500 passengers.  There will also be extra capacity during peak times for an additional 72,000 commuters.

The decision was made following financial commitments from the Canary Wharf Group, who have pledged a voluntary contribution of between £500 and £800 million towards the project, and the Corporation of London, which represents financial institutions and other businesses in the Square Mile. The Corporation will give a £200 million lump sum and lead the efforts to raise additional contributions totalling £150 million from businesses across London.

Responding today to the Government's approval for the Crossrail scheme, Aman Dalvi, Chief Executive of Gateway to London, said:

"London Thames Gateway already has the fastest growing transport infrastructure in Europe but our businesses have been crying out for a fast transport connection that can link the east and west of the city. This has been clearly demonstrated by the businesses community's long-term support for the scheme, particularly the Canary Wharf Group whose financial contribution has been vital to the project."

"The Crossrail scheme will act as a catalyst for further investment and business growth and help create more jobs in London Thames Gateway and across the capital. I am therefore delighted that the Government has finally given the scheme the green light."