The City of London agreed yesterday to make a financial contribution to the £16bn Crossrail project, so that it can be included in this month’s comprehensive spending review. The Times. The Daily Telegraph. Financial Times
The Green light for the east-west rail link is now expected from the government within days.
In a heated emergency meeting, the City of London’s ruling body, the Court of Common Council, unanimously approved a package of extra funds for Crossrail from its resources, closing the estimated £400m gap in the financing of the scheme.
It is believed that the package involves a £350m contribution by the City of London in return for an annual payment by central government to the corporation, expected to be in the region of £10m. It is also believed there are also plans to raise further contributions from large businesses.