City pledges financial support for the 拢16bn scheme
Crossrail has been given the green light after the City agreed to financially back the 拢16bn scheme.
At a meeting yesterday, the City of London Corporation said it would support the scheme financially. Details of the exact sum haven鈥檛 been disclosed, but a report in the Guardian today hinted at the 拢300m that the government has allegedly been seeking from the City.
Michael Snyder, head of policy at the City, said: 鈥淐rossrail is an absolutely vital project for London because we need it to increase our transport capacity.鈥�
The news follows Gordon Brown鈥檚 announcement yesterday of the government鈥檚 full support for Crossrail.
BAA and Canary Wharf Group agreed to financially back the scheme last week.
The overall cost is expected to be split three ways between the government, London businesses and the fare revenues.
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