City of London pays £200M contribution to the Elizabeth Line

The City of London Corporation has today paid the Department for Transport (DfT) £200m as a contribution towards the Elizabeth line, Europe’s biggest construction project.

In 2007, the City Corporation agreed to provide this funding because of the importance of the line for those who live, work in and visit the City and wider capital. The funding was contingent on four milestones which have recently been achieved. These included the completion of the ticket hall boxes at Lindsey Street (Farringdon Station) and Broadgate (Liverpool Street), the Moorgate shaft and the Stockley viaduct structures.

The City has supported the development of the Elizabeth Line since its inception recognising its ability to alleviate the current congestion on London's transport network and provide extra capacity to meet the anticipated growth in employment and London's population.

Construction activity in the City commenced in 2009 with tunnelling works and the construction of stations at Liverpool St, Moorgate and Farringdon East. The line will be completed in 2018/19.

A research briefing by the City Corporation from 2015 found that by 2023 an expected 63,000 jobs in the City and the Isle of Dogs will be created as a result of the scheme. Over 450,000 people come to the City of London for work each day and the number is expect to reach 485,000 by 2023.

The City of London Corporation’s Policy Chairman Mark Boleat said:

“The Elizabeth line will be a real game changer for London. As our capital continues to grow in the years to come, we need more capacity to accommodate the strain placed on our transport network.

“This is especially prevalent in the Square Mile as the number of workers in the City continues to rise. We were keen to do all we could to support the line from its very early days and is why we have not only been vocal supporters, but also part-funders of the project.”

Transport Secretary Chris Grayling said:

“The City of London Corporation’s long standing support for Crossrail shows just how critical the new railway is to the City’s future growth.

“This financial contribution is a mark of the progress Crossrail is making and represents the Government’s vision of a transport network that transforms the passenger experience on our railways, supports wider economic growth and generates skills and opportunities across our society.”

To mark the City’s contribution, plaques will be placed at the entrances to Farringdon East, Liverpool Street West (Moorgate) and Liverpool Street East (Broadgate) stations.

Furthermore, in 2014, the City Corporation also agreed to assist in delivering the Crossrail Art Strategy which will provide newly-commissioned works of art in the eight new central London stations. The City Corporation will provide matched funding for half of the total estimated cost (not exceeding £3.5 million) plus up to £250,000 towards set-up costs.