Who paid for the Elizabeth line?

As a result, roughly 40 per cent of the nearly £19bn cost has been paid for by London's businesses. This is not money that would have otherwise been spent in other ways, but new money on top of existing tax contributions, with the balance coming from London government, Network Rail and general government funds.



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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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Construction of the line hit £18.9 billion, that's $25 billion, but Byford said in March that £150 million was still needed to finish the project. Crossrail Ltd was still figuring out how to fund the additional costs, he said.

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The major contractors, working either alone or in joint ventures, contributing to Crossrail are BAM Nuttall, Ferrovial Agroman, Kier Construction, Dragados, John Sisk, Hochtief Solutions, J.

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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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The Elizabeth Line is about half the price of a full-fare Heathrow Express ticket, but takes twice as long to reach Paddington. Trains depart every 30 minutes and it takes just 35 minutes to travel between Paddington Station and Heathrow.

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The fares on the central section of the Elizabeth line (Paddington to Liverpool Street) are the same as the fares on London Underground in Zone 1. So travelling from Paddington to Liverpool Street would cost you £2.80 – the same as the Tube.

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