Who financed the Elizabeth line?

In December 2008, TfL and the DfT announced that they had signed the Crossrail Sponsors' Agreement. This committed them to financing the project, then projected to cost £15.9 billion, with further contributions from Network Rail, BAA, and the City of London.



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Important as this central government contribution has been to the project, it needs to be put in context: pandemic years apart, London contributes a tax surplus equivalent to two whole Crossrails every year. So we can justifiably say that London has paid for the new line.

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Transport for London (TfL) has increased fares to try and raise £27 million per year. These are a part of the conditions that have been imposed by the government, which has seen TfL granted a £3.6 billion bailout.

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While Transport for London has exclusive management of the London Underground, the Elizabeth Line is part-owned by TfL, National Rail, and Heathrow Airport Holdings. A separate management firm named MTR Corporation was granted an eight-year contract to operate Crossrail.

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London's Elizabeth Line continues to reach passenger usage milestones. The latest was on Thursday 6 July, when 701,000 passengers travelled, breaking the 700,000 milestone in a single day for the first time.

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Travelling with children If your child is under 11, they can travel free on: Buses and trams. Tube, DLR, London Overground, Elizabeth line and some National Rail services. They must be travelling with an adult who is using pay as you go, or has a valid ticket (excluding Group Day Travelcards).

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The remaining 32p is spent on modernising and expanding the network and making it more accessible for the capital's growing population. So, yes, the tube makes money – but not a profit.

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Fares are the same on the Elizabeth line as the rest of the London Underground network and vary by the time you travel (peak and off-peak fares), as well as how many zones you travel through.

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The Elizabeth line is dramatically improving transport links in London and the South East - journey times are being cut, capacity increased and accessibility transformed with spacious new stations and walk-through trains.

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Through most of its planning and construction, the new line was known as Crossrail. In February 2016 it was renamed the Elizabeth line by Boris Johnson, then Mayor of London, to honour Queen Elizabeth II.

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How Deep Is The Elizabeth Line? The project's centrepiece is 13 miles of new twin-bore deep-tube tunnels that run through central London, at depths of up to 40 metres, from Royal Oak near Paddington in the west to Victoria Dock near Canary Wharf in the east of the city.

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