Crossrail will support economic growth for London and the UK. As part of the Comprehensive Spending Review in October 2010, the coalition government confirmed their commitment to the full Crossrail scheme. A re-phased programme of delivery means that Crossrail services will commence from 2018. We expect Crossrail to cost no more than £14.5 billion. Forecasts continue to suggest that Crossrail will be delivered within its existing funding.
Crossrail has made significant progress since the last annual update to Parliament. Crossrail Limited has now let all of its key tunnelling contracts and enabling works are continuing at a number of sites across central London. Construction is well advanced at Canary Wharf Crossrail Station, and tunnel boring machines are expected to be launched in spring 2012. In April 2011, Crossrail passed through the final project review point, at which point the department and TfL delegated full contractual authority to Crossrail Limited to deliver the scheme. The new Chief Executive of Crossrail Limited, Andrew Wolstenholme, was appointed in May 2011.
During the passage of the Crossrail Act through Parliament, a commitment was given that a statement would be published at least every 12 months until the completion of the construction of Crossrail, setting out information about the project’s funding and finances.
In line with this commitment, this statement comes within 12 months of my last one which was published on 15 July 2010. The relevant information is as follows:
|Total funding amounts provided to Crossrail Limited by the Department for Transport and TfL in relation to the construction of Crossrail to the end of the period (22 July 2008 to 29 May 2011) (excluding recoverable VAT on Land and Property purchases)
|Expenditure incurred (including committed land and property spend not yet paid out) by Crossrail Limited in relation to the construction of Crossrail in the period (30 May 2010 to 29 May 2011) (excluding recoverable VAT on Land and Property purchases)
|Total expenditure incurred (including committed land and property spend not yet paid out) by Crossrail Limited in relation to the construction of Crossrail to the end of the period (22 July 2008 to 29 May 2011) (excluding recoverable VAT on Land and Property purchases)
|The amounts realised by the disposal of any land or property for the purposes of the construction of Crossrail by the Secretary of State, TfL or Crossrail Limited in the period covered by the statement
The numbers above are drawn from Crossrail Limited’s books of account and have been prepared on a consistent basis with the update provided last year. The figure for expenditure incurred includes monies already paid out in relevant periods, including committed land and property expenditure where this has not yet been paid. It does not include future expenditure on construction contracts that have been awarded.