Press Release

Government, Mayor, business and union leaders pledge to seek funding for Crossrail

7 March 2007

Today, Ken Livingstone, Mayor of London, led a delegation of business and trade union leaders to a meeting with the Prime Minister, Secretary of State for Transport, Rt Hon Douglas Alexander MP and senior Treasury officials to discuss the next steps in making Crossrail a reality.

At the meeting, all parties agreed on the need for Crossrail and committed to working over the coming months to find a suitable funding and financing package for this essential project.

The Prime Minister Tony Blair said; "This Government is absolutely committed to Crossrail, so I am delighted that we now have a robust and cost-effective scheme that will deliver benefits not just for the capital but for the whole country. We will work with the Mayor and with business to secure a final funding and financing package."

Ken Livingstone said, “I am delighted that we are agreed on the need for Crossrail and have committed to reaching a final funding package. The McKinsey report commissioned by Mayor Bloomberg shows that London has edged ahead of even New York as the world's number one international financial centre, but this cannot be sustained without adequate investment. Transport is the biggest infrastructure requirement in London. Current success means 200,000 jobs can be created in central London's financial and business services in the next twenty years but people simply could not be transported there without Crossrail. Crossrail is the single most important infrastructure project for London and one that has benefits for the entire UK economy.'

Brendan Barber, General Secretary, TUC said, “The trade union movement is fully behind Crossrail. Once built it will create and safeguard jobs and regenerate some of the poorest parts of the UK.  It’s a project of obvious national importance.”

Harvey McGrath, Chairman, London First and Chairman, Man Group plc said, “We are all agreed that we should not hesitate on Crossrail. Transport infrastructure is constricting London’s growth and particularly the regeneration of East London. Crossrail is the key to unlocking thousands of homes and jobs in one of the most deprived areas of the UK. It’s vital to cater for London’s expanding population.”