{"id":5292,"date":"2018-12-10T14:21:06","date_gmt":"2018-12-10T14:21:06","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/crossrail-delay-1-4bn-bailout-as-autumn-2019-launch-delayed\/"},"modified":"2018-12-10T14:21:06","modified_gmt":"2018-12-10T14:21:06","slug":"crossrail-delay-1-4bn-bailout-as-autumn-2019-launch-delayed","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/crossrail-delay-1-4bn-bailout-as-autumn-2019-launch-delayed\/","title":{"rendered":"Crossrail delay: \u00a31.4bn bailout as autumn 2019 launch delayed"},"content":{"rendered":"\n
\n
<\/p>\n

\"ElizabethImage copyright<\/span>
\n Transport for London<\/span><\/p>\n

<\/span>

Image caption<\/span>
\n
\n Crossrail – to be known as the Elizabeth Line – had an original budget set at \u00a315.9bn in 2007, which was then cut to \u00a314.8bn in 2010
\n <\/span>
\n <\/figcaption><\/figure>\n

A \u00a31.4bn bailout has been announced for Crossrail, as Europe’s biggest infrastructure project is pushed back beyond its launch date of autumn 2019.<\/p>\n

London\u2019s \u00a315bn route, to be known as the Elizabeth line, had originally been due to open this month.<\/p>\n

The rescue plan – the third this year – will be used to plug a predicted \u00a32bn hole in the project’s finances.<\/p>\n

The scheme connects major landmarks such as Heathrow Airport and the Canary Wharf business district.<\/p>\n

Mayor of London Sadiq Khan said the new deal means “Crossrail’s new leadership can get the job done”.<\/p>\n

<\/p>\n

Image copyright<\/span>
\n Reuters<\/span><\/p>\n

<\/span>

Image caption<\/span>
\n
\n Crossrail received a \u00a3590m cash injection in July, followed by an “interim” \u00a3350m loan announced in October
\n <\/span>
\n <\/figcaption><\/figure>\n

Transport for London (TfL) estimates it will miss out on at least \u00a320m in revenue due to the delay.<\/p>\n

Between \u00a31.6bn and \u00a32bn is needed to complete the project, a review by accountancy firm KPMG indicate found.<\/p>\n

The scheme is currently running almost \u00a3600m over budget,<\/a> and the previous bailouts have not come without criticism.<\/p>\n

The project received a \u00a3590m cash injection in July, followed by an “interim” \u00a3350m loan<\/a> announced in October.<\/p>\n

It was announced in August that it was to open nine months after the scheduled launch to allow more time for testing.<\/p>\n

<\/p>\n

<\/span><\/p>\n<\/figure>\n

When open, the project will help ease London’s chronic congestion.<\/p>\n

Trains will run from Reading and Heathrow in the west through 13 miles of new tunnels to Shenfield and Abbey Wood in the east, when fully operational.<\/p>\n

Crossrail says the new line will connect Paddington to Canary Wharf in 17 minutes and described the 10-year project as “hugely complex”.<\/p>\n

An estimated 200m passengers will use the new underground line annually, increasing central London rail capacity by 10% – the largest increase since World War Two.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Transport for London Image caption Crossrail – to be known as the Elizabeth Line – had an original budget set at \u00a315.9bn in 2007, which was then cut to \u00a314.8bn in 2010 A \u00a31.4bn bailout has been announced for Crossrail, as Europe’s biggest infrastructure project is pushed back beyond its launch date of … <\/p>\n","protected":false},"author":0,"featured_media":5293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5292"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/5293"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}