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Volume 705: debated on Tuesday 11 November 2008

asked Her Majesty's Government:

What is the total contribution from business rates in London for the funding of Crossrail. [HL5966]

A copy of the Crossrail heads of terms agreement signed by the Department for Transport (DfT) and Transport for London (TfL) was placed in the House Library on 26 November 2007. This agreement sets out, with only those redactions necessary to prevent harm to commercial interests, the agreements that have been reached between DfT and TfL on the future funding and governance of the Crossrail project.

The heads of terms envisage that £3.5 billion of debt will be raised by the Greater London Authority making use of the business rates supplement.