5 October 2007
City Policy Chairman Welcomes Crossrail Decision
Michael Snyder, Chairman of the City of London’s Policy and
Resources Committee, today (Friday 5 October) welcomed the Prime
Minister’s announcement giving the definitive go-ahead to
Crossrail, and confirmed the details of the City of London’s
financial contribution to the project.
At a special meeting on Tuesday 2 October, the Court of Common
Council agreed to support a financial contribution for Crossrail of
£350 million. This includes a one-off lump sum, payable to the
government in 2015/2016, of £200 million from the City of London
Corporation’s own funds. Michael Snyder and the City Corporation
have also agreed to lead the efforts to raise additional
contributions totalling £150 million from businesses across
London.
Michael Snyder said: “The City Corporation has been pushing for
Crossrail for nearly 20 years, and I personally have been working
for over ten years to reach today’s decision. I am delighted that
the many hours of detailed discussion in recent days have finally
helped to bring about this success and will deliver the new railway
that London so desperately needs.
“The City Corporation has a long history of funding major
infrastructure projects in London, not least the original
underground railway in the 1860s and five Thames bridges*. I am
delighted that we can continue today this important role.
“Crossrail is the most important new transport infrastructure in
the UK in the last 30 years and will make an immense difference to
London's credibility as a place to do international business.
Transport delays currently cost City businesses £1 million each
working day. It is expected that Crossrail will add a net benefit
of £30 billion pound to UK GDP over 60 years and contribute £12
billion in tax revenues.
“Crossrail is vital to the future prosperity and economic
success of the City, London and UK as a whole. It will help London
to cope with the forecast growth in population and jobs and will
play a significant part in maintaining our position as the world’s
leading international financial and business centre.”
Ends
Notes for editors
The City of London owns and maintains five Thames bridges at no
cost to the taxpayer; London Bridge, Tower Bridge, Southwark
Bridge, Blackfriars Bridge and the Millennium footbridge.
City of London: The City of London Corporation provides local
government services for the Square Mile, the financial and
commercial heart of Britain, and is committed to maintaining and
enhancing the status of the business City as the world's leading
international financial and business centre through its policies
and services. Its responsibilities also extend far beyond the City
boundaries and include management of the Barbican Centre, Central
Criminal Court at the Old Bailey, 10,000 acres of open space
including Hampstead Heath and Epping Forest, three wholesale food
markets, as well as acting as the London Port Health
Authority.