Crossrail Limited, a subsidiary of Transport for London (TfL), has announced that the UK government has agreed to provide approximately £825m funding for the final phase of the Crossrail project in the UK.

The company expected to open the Elizabeth line in the first half of 2022 and will require funding more than the agreed funding package.

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To cover the shortage, the Greater London Authority (GLA) has obtained the financing from the Department for Transport (DfT), which will be given by GLA to TfL as a grant.

The GLA has planned to repay the loan amount from Business Rate Supplement (BRS) and Mayoral Community Infrastructure Levy (MCIL) revenues.

The total £825m grant from GLA will be divided into a £500m loan with a fixed repayment profile and a £325m loan which will be repaid subject to MCIL and BRS revenues.

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Once fully operational, the Elizabeth line is expected to increase central London’s rail capacity by 10% and will have the capacity to more than half a million passengers per day.

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This will also support new journeys through central London out to Essex and Berkshire.

Construction of the new rail line would support thousands of new homes and new jobs and will also boost the UK economy by £42bn.

London mayor Sadiq Khan said: “Securing this financing package enables us to press full steam ahead with getting the central section of the Elizabeth line open as soon as possible.

“The Government have insisted London must pay the shortfall – despite the overwhelming majority of the tax income that will result from Crossrail going to the Treasury.

“This is another example of London supporting the country way over and above the help we get from this government.”

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Crossrail secured £825m funding from the Greater London Authority (GLA) for the Crossrail project in UK. (Credit: Crossrail Ltd.)