Exclusive: Aberdeen Standard backs controversial £1bn bid for Crossrail fleet December 17, 2018 Aberdeen Standard Investments (ASI) is backing a controversial £971m bid to acquire a fleet of 70 Elizabeth Line trains from Transport for London (TfL), City A.M. can reveal. The asset management giant is stumping up £147m in equity investment to Rock Rail, a rolling stock infrastructure company that finances new trains, with funding proposed from [...]
Early cost estimates for HS2 were wildly inaccurate says former insider December 17, 2018 A former insider at rail project HS2 has said that the early land and property cost estimate considered by MPs was “enormously wrong”. HS2’s chairman Sir Terry Morgan resigned from the project this month after cost overruns at another project he chaired, Crossrail. However, Morgan hinted that HS2 could face similar problems. Now former head [...]
Sadiq Khan blasts government for ‘forcing London to pay twice’ for Crossrail delay December 11, 2018 Transport for London (TfL) has admitted its fare income will be £2.1bn lower than expected as it battles a "perfect storm" of pressures on its finances. In its business plan for 2019-20 to 2023-24, TfL said a “subdued” economy and a £700m reduction in central government funding for challenges facing the organisation. It said fare revenue [...]
Crossrail crisis: Businesses react to £1.4bn bailout and further delay December 11, 2018 The crisis facing Crossrail deepened yesterday as Transport for London (TfL) confirmed that the delayed project could need up to £2bn in extra funding to keep afloat. Crossrail chief executive Mark Wild also admitted that the railway, which had already been delayed from December 2018 to autumn 2019, may not open until 2020. While the [...]
Crossrail crisis escalates as TfL confirms up to £2bn cost overrun and possible delay to 2020 December 10, 2018 The crisis facing Crossrail deepened today after Transport for London (TfL) admitted that the delayed project could need an extra £2bn in rescue funding to stay afloat. The Elizabeth Line, which will stretch from Heathrow in the west to Abbey Wood in the east, was projected to cost £15.4bn and to open by 9 December [...]
‘Systemic failures’ led to commuter chaos after May’s timetable changes, says regulator December 7, 2018 Train companies must put passengers at the heart of decision-making to prevent a repeat of May’s timetable chaos, the Office of Rail and Road (ORR) said today. The ORR published a raft of recommendations to improve rail services for passengers in phase two of its review into major rail disruption earlier this year, saying "systemic [...]
TfL and Crossrail to pay £15m to Canary Wharf Group if Elizabeth Line station is not complete by 2021 December 6, 2018 Transport for London (TfL) and Crossrail could have to fork out £15m to the Canary Wharf Group if its new Elizabeth Line station is not complete by 2021, City A.M. can reveal. An email from outgoing Crossrail chief executive Simon Wright, seen by City A.M., reveals that TfL and Crossrail will have to pay the sum each year if the station [...]
Crossrail boss Terry Morgan resigns after Sadiq Khan spat December 5, 2018 The chairman of Crossrail and HS2 has resigned from both roles following a dispute with mayor Sadiq Khan over delays and spiralling costs. Terry Morgan admitted last week he expected to be sacked amid rising costs and opening delays to both the Crossrail and HS2 projects. Morgan, who has led Crossrail for almost a decade, [...]
Sadiq Khan hits back at Terry Morgan over Crossrail comments December 3, 2018 Sadiq Khan has hit back at Crossrail chairman Terry Morgan over comments he made about what the mayor knew about the project’s delay. The soon-to-be-sacked Morgan told the BBC earlier today that he was in “absolutely no doubt” that Khan was told on 26 July that it was no longer feasible to deliver Crossrail, also known [...]
Crossrail chairman Terry Morgan ‘in no doubt’ that Sadiq Khan was told about project delay in July December 3, 2018 The soon-to-be sacked HS2 chairman Terry Morgan has insisted he told Sadiq Khan that the £15.4bn Elizabeth Line was not going to open on time at least a month before the London mayor said he knew about the delay. Morgan, who has led the Crossrail project for a decade, told the BBC that he was in "absolutely no [...]