(2) when his Department plans to submit its final proposal to HM Treasury for the funding of Crossrail.
The Crossrail project has been allocated a total of £408 million in funding to date, including an additional £154 million that has been recently agreed for ongoing project development. The full cost of the project is projected to be around £15-16 billion in cash prices.
The Department has regular discussions with HM Treasury on many matters. This includes the funding and financing of Crossrail, which will be considered further in the context of Sir Michael Lyon’s recommendations on local government finances and wider spending pressures and priorities. However, the affordability challenge represented by the scheme remains significant.