Funding Worries for Crossrail 2
Crossrail 2 is a proposed new rail service which is expected to be serving London. This will benefit the counties of Surrey and Hertfordshire with new tunnels between Wimbledon, Tottenham Hale and New Southgate, linking in with London Underground, London Overground, Crossrail 1, national and international rail services. Crossrail 2 will transform the travelling time across London by adding capacity for up to 270,000 people, relieving the current overcrowding. Furthermore the potential of this project is to provide 60,000 jobs during construction and support 200,000 jobs when operational.
However for this project to be delivered the goverment will need business funding, similar to the Business Rates Supplement (BRS) applied to London business for Crossrail 1.
Business funding for Crossrail 2 was higlighted by Sir Peter Hendy and Lord Adonis, who both advised that for this project to succeed businesses in London need to be willing to pay and a bespoke funding package be implemented.
As Network Rail is once again under public ownership their major challenge in CP6 is to fund all projects not just Crossrail 2. With the prediction for Network Rail to be in debt by £50bn within the next five years, they need to look at other methods of funding, which Network Rail have started to do by hiring CitiGroup to report by the end of the year on different options to solve their financial problems.
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