01/03/2013

Government To Fully Fund Crossrail Plans

The governments contribution to the planned Crossrail scheme has increased from £350m to the full £1 billion, after they decided that attempts to secure private finance risked delaying the project beyond 2018.

Fearing similar problems Siemens encountered in securing financing for its Thameslink trains contract, transport secretary, Patrick McLoughlin, has agreed to the proposals from the mayor of London, Boris Johnson, and abandoned private finance plans.

The government will now fully fund the new fleet of trains and maintenance facilities for Crossrail.

Last September bidders were invited to apply for a government guarantee to help secure financing, in an attempt to speed up the delivery of the project.

(H)

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