Crossrail overspend to reach £1.1bn as new opening date announced
Crossrail will cost an extra £450m to complete and will not be ready to open until 2022.
The project board announced this morning that the rail line, originally due to open in 2018, needs £1.1bn more than was announced in December 2018 to bring work to completion. In November last year it was announced it would need between £400m and £650m more to complete than was stated in 2018, but today this figure has risen further still.
The latest estimate means the scheme will cost more than £18bn in total to complete, having been budgeted at £15bn prior to 2018.
How the extra money will be raised has not yet been determined, with talks having taken place between Transport for London (TfL) and the Department for Transport since November. No conclusion has been reached but extra TfL borrowing was suggested earlier this year.
A period of intensive construction activity is being carried out this month and next, in a bid to complete remaining construction works so that trial running of trains can commence.
As well as the increase in funding needed to complete the project, delays were projected to cost TfL at least £500m in lost revenue from passenger use too. The transport operator has since had to be bailed out by Whitehall this year amid declining revenues during the pandemic. A number of other proposed construction projects, including the tramlink extension from Colliers Wood to Sutton and an expansion of South Kensington underground station, have been put on hold as a result.