TfL and DfT in conjunction with other government departments and relevant bodies, should use the next stage of development to set out a clear, transformative plan to turn the proposed 200,000 homes into a reality. However, even without such devolution, HM Treasury should be in a position to recoup significant receipts from the added Gross Value Added (GVA) benefits and the rising value of property in London.Ī London deal for Crossrail 2 will need to cover both the funding of the project and the planning measures required to deliver Crossrail 2’s benefits. The government should work with TfL and GLA to explore new funding options, which could include consideration of further devolution. This should build on the work already undertaken by TfL, which indicated that around half the cost of the project could be funded from London sources. It is vital that a funding package for Crossrail 2 is developed which strikes a fair balance between the contributions made by London taxpayers and businesses and by central government. This should build on the precedents from the Silvertown Crossing and Northern line extension to Battersea/Nine Elms.Ī ‘London deal for Crossrail 2’ funding agreement, through which London contributes more than half the costs of the scheme and which includes substantial measures to realise the full housing benefits, should be agreed ahead of hybrid bill submission.

The London Plan should also include a detailed examination of the scope to deliver other strategic projects, such as further east London river crossings and the Bakerloo line extension, through alternative financing mechanisms.Crossrail 2 should be at the heart of this strategy and TfL’s wider programme of smaller scale interventions on the national rail, road, Underground and cycling networks in London should be integrated with it to complement and enhance its benefits. London must continue to plan strategically for the period 2030-2050 through the next iteration of the London Plan.Crossrail 2 should not, subject to affordability, prevent the development of other high value schemes, particularly where alternative funding mechanisms are available. Crossrail 2 should be at the heart of the new London Plan, alongside existing commitments to upgrades and other pieces of new infrastructure.

London global city southeast