Crossrail, a rail link which promises a direct 43-minute connection between Canary Wharf and Heathrow has been given the go-ahead by Prime Minister Gordon Brown.
The Government has now secured a £16 billion funding deal for the construction, including a £650 million contribution from BAA. Work on the project will begin in 2010 and the first trains are expected to run in 2017.
Crossrail will link Maidenhead and Heathrow in the west with Shenfield and Abbey wood in the east. The network will include new stations at key city locations including Bond Street, Farringdon and Canary Wharf. The Government says the investment will increase capacity by carrying more than 200 million passengers a year including a 54% increase in rail capacity to Canary Wharf and 21% more to the City. Crossrail will add 10% to London’s total transport capacity.
It will bring an additional 1.5 million people to within an hour of London’s key business areas and is expected to carry 200 million passengers a year.
It would be Europe’s largest civil engineering project and will provide London with a world-class railway that supports its growth as a world-leading finance centre, the Government said.
Gordon Brown said: “I believe this is a project of enormous importance, not just for London but the whole country. By generating an additional 30,000 jobs and helping London retain its position as the world’s pre-eminent financial centre, it will support the UK’s economic growth and maintain its position as a leading world economy.”
The Government expects the project to be commercially self-sustaining once operational.