Elizabeth Line steams ahead with £200m funding from the City of London Corporation

Rebecca Smith
Farringdon station taking shape for the Elizabeth Line
Farringdon station taking shape for the Elizabeth Line (Source: Crossrail)

The City of London Corporation has paid £200m towards developing the Elizabeth Line, after the construction accomplished four milestones the funding was contingent on.

The £200m has been paid to the Department for Transport (DfT) as the ticket hall boxes at Farringdon Station and Liverpool Street are complete, along with the Moorgate shaft and the Stockley viaduct structures.

Read more: All aboard the Elizabeth Line: First passenger trains arrive for testing

Transport secretary Chris Grayling said the contribution was “a mark of the progress Crossrail is making”.

“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," he added.

The Elizabeth Line will be fully functioning at the end of 2019, with central stations and tunnels under London opening from December 2018.

The route will pass through 40 stations from Reading and Heathrow in the west, through new twin-bore 21km tunnels to Shenfield and Abbey Wood in the east.

The City of London Corporation’s policy chairman Mark Boleat said the new line will be “a real game changer” for the capital.

He said:

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.

Construction activity in the City started back in 2009 with tunnelling works and the construction of stations at Liverpool St, Moorgate and Farringdon East.

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 project.

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.

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Here's the route the Elizabeth Line will span
Here's the route the Elizabeth Line will span (Source: TfL)

Read more: Here's how the Elizabeth Line is shaping up

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